Thurleigh bolsters back office in drive to cut clients' costs

Thurleigh Investment Management has bolstered its back office in a bid to push down costs for clients, while analyst Harry Shearer has left the group after a one-year stint.

The firm has hired two operations staff and chief investment officer Charles MacKinnon (above) said it aims to hire an additional 20 people for its back office.

Barney Cahill joins from Insinger De Beaufort’s private client department, and Tracey Baker joins from Mellon Bank, where she worked within the firm’s tax and income department.

‘With returns likely to stay around 2-3% over the next five to seven years it is crucial the firm has a capable operations department that can ensure services are as cost effective as possible,’ MacKinnon explained.

‘The biggest concern for clients is the reduction of costs. If they are paying a management fee of 2% it is vital we build systems to cope, which means having an operations team that is second to none.’

Meanwhile, client-facing investment analyst Shearer has left the firm to forge a career in the music industry after completing his one-year contract. Shearer was responsible for developing client relationships and assisting with day-to-day investment decisions.

MacKinnon said he will not be replacing Shearer as he thinks the investment desk is well enough staffed.

He said: ‘We think we have got the investment process figured out now. We’ve been doing it for six years and although the world is changing, we have got the processes and the people in place to deal with the changes.’