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Deutsche Bank PWM UK head Surguy quits
by James Phillipps on Mar 09, 2012 at 07:00
Wealth Manager understands that Paul Wharton, Deutsche Bank PWM’s chief investment strategist, will take on Surguy’s responsibilities on an interim basis until a replacement is found.
Surguy is thought to have managed over £2 billion in a range of client funds, including the DB PWM Capital Growth and the Maximum Growth Portfolios.
His departure caps a difficult week for the firm with its Midlands head of discretionary management, Kypros Charalambous, having also stepped down from his role. Based at the group’s Birimingham office, Charalambous was responsible for £1.3 billion of assets and on Deutsche Bank PWM’s investment committee.
Surguy, who was also a managing director, moved over to Deutsche Bank PWM in 2006 when the group acquired Tilney Investment Management.
He was viewed as the architect of the combined firms’ investment process, marrying the private client managers’ stock picking and asset allocation skills with their parent bank’s processes and controls.
He originally joined Tilney in 1996 after a six-year spell at Rothschild Asset Management, where he managed private client portfolios.
The DB PWM Capital Growth, which Surguy ran, has returned 82.2% over three years to 5 March, compared with a 78.9% average return from the Investment Management Association’s Flexible Investment sector, ranking it 15 out of 115 funds, according to Lipper.
Wharton, who worked alongside Surguy from the Tilney years, is responsible for Deutsche Bank PWM’s economic and market strategy, as well as the income oriented funds within the group’s UK onshore discretionary portfolio service. He also serves on the firm’s UK and global investment committees.
Deutsche Bank declined to comment.
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