Ashcourt Rowan Asset Management managing director David Esfandi has left the business to join his own family office.
Esfandi joined Ashcourt Rowan in early 2012 to revamp the firm's investment process and help drive a broader restructure as the management team under CEO Jonathan Polin looked to grow the business. A year and a half on, he said the firm had entered the next stage of development.
A spokesperson said his responsibilities would be split between business director David Palmer, CIO Toni Meadows and incoming director Harry Burnham, who joins from brewin Dolphin.
Esfandi has joined his own family office, Dwyer Asset Management.
Ashcourt Rowan, which is led by chief executive Jonathan Polin (pictured) has now returned to profitability, with profits of £2.8 million posted over the year to the end of March. The group recently acquired Generali Portfolio Management’s onshore private client business and currently runs £3.7 billion, of which £1.6 billion is discretionary.