Ashcourt Rowan hires Generali boss to grow funds arm

Ashcourt Rowan has appointed David Palmer as its new business director.

Palmer will serve within Ashcourt Rowan Asset Management where he will report to group chief executive officer Jonathan Polin (pictured).

Palmer will assist in the management and development of the firm’s asset management business, working closely with David Esfandi, managing director of the asset management business, and have a particular focus on driving Ashcourt's transition process to a new operating platform.

Palmer joins Ashcourt from Generali, where he was the founding chief executive of the company’s London-based portfolio management business.

He previously served as head of private clients for the investment management arm of merchant bank Rea Brothers, following an early career as a stockbroker and fund manager.

Coming on board at Ashcourt, Palmer said that in the new regulatory environment it was important to capture all the opportunities that came with it.

In a statement Palmer said: 'With RDR [the retail distribution review] coming into force, there are tremendous opportunities for firms like Ashcourt Rowan which can demonstrate expertise across fund research, portfolio management and financial planning.'

The hire at Ashcourt comes after it emerged Chris Jeffreys and Mark Smith had decided to stand down from their roles.

Wealth Manager revealed that while Jeffreys would remain in the business but return to running client funds, Smith had decided to leave Ashcourt completely, as well as vacating his head of compliance role.

The pair were credited with helping to turn Ashcourt Rowan around after it was fined £412,000 for suitability failings.  These failings were restricted to its Savoy Investment Management business, which now sits under the Ashcourt Rowan banner.