Andrew Pitt has left his role as head of charities at Newton, while his former colleague June Jessop has departed Standard Life Wealth after it absorbed her team, Wealth Manager can reveal.
Pitt – who was head of charities at UBS Wealth Management for almost nine years before joining Newton in 2011 – will join Rathbones’ charities team in June. Wealth Manager understands that he is set to join the firm as head of charities in Rathbones’ London office.
Alan Goodwin has taken over as head of charity and institutional account management at Newton.
Meanwhile, Jessop, who was head of charities in Scotland at Newton and subsequently moved over to Standard Life Wealth, has joined First State Investments in Edinburgh. She has taken on a new role as a client and business development manager at the fund manager.
Newton sold its private client business – which had £3.6 billion of assets under management across 3,000 clients – to Standard Life Wealth last year for up to £83.5 million.
As part of the deal, Newton transferred £400 million of its charity assets – out of a total £4 billion in charity money – to Standard Life Wealth.
Last year, Standard Life Wealth managing director David Driver told Wealth Manager the acquisition of the charity team from Newton, alongside the hire of former UBS man James England as head of charity and corporate investing, would spearhead the group’s expansion in the area.
At the time of the deal, Newton chief executive Helena Morrissey told Wealth Manager that the £400 million was managed out of Newton’s Edinburgh and Leeds offices, and was included in the sale because Newton planned to withdraw from Leeds and run only an operations team in Edinburgh.
The assets included an 11-strong fund range predominantly invested in by Newton’s private clients, including the Newton Balanced Bridge and Newton Phoenix funds, alongside a number of family Oeics.
Morrissey added that Newton is still ‘hugely committed’ to its charity team, which manages £3.6 billion, and in February the firm launched a growth fund for charities.
Gemma Woodward also departed Newton last year to become head of charities at Kleinwort Benson, a newly created position.