Brewin Dolphin’s discretionary bond team collectively resigned at the end of 2016, and has now set up an asset management service at bond broking outfit Bridport.
The Jersey-based team included divisional director Peter Smart, who was at Brewin for 21 years and sat on the group’s asset allocation committee as head of fixed income.
Smart has become chief investment officer at Bridport and will head up its asset management service.
Smart’s team of portfolio managers, Gary Duncan, who spent 16 years at Brewin Dolphin, and Andrew Gillham, who was at the firm for eight years, have joined him at Bridport.
After six months gardening leave, the trio created an asset management service which operates out of Bridport’s Jersey office and is aimed at clients looking for an income solution.
The Swiss-based firm has a total of 12 staff in Jersey, and 65 in total.
The asset management service has four staff altogether, with Jason Jones – Bridport’s senior vice-president for asset management – the only existing Bridport member of staff, having been at the firm since 2005.
Duncan added that the team wanted to continue providing bespoke portfolios to clients.
Speaking to Wealth Manager, Duncan said they had been looking to move before quitting Brewin: ‘We knew the team very well at Bridport and they were a neat fit for us.
‘We got wind speaking to local directors that they were looking to branch out into asset management.’
The move comes after fixed income trader Ben Chapman also switched from Brewin to Bridport, having joined the latter’s Jersey office in January 2015 after seven years at Brewin.
In response to the departures of Smart, Duncan and Gillham at the end of December, a Brewin spokesperson said: ‘We are committed to our Jersey clients and office.
‘We have hired a number of people in Jersey and continue to enhance our Jersey-based offshore product proposition.’