View the article online at http://citywire.co.uk/wealth-manager/article/a753412
Veritas’s Rayward: the super boutique concept is flawed
by Elsa Buchanan on May 30, 2014 at 14:48
But has a merger ever been on the cards for the boutique? No, Rayward insists, as this would mean introducing flaws to the boutique concept.
‘One of the issues with third party investors is that often they can have different agendas and priorities and that creates a conflict. We prefer to remain independent and owners of our business in line with our investors.
He adds that merging businesses is ‘always tough’.
His comments come a month after Boston-based Affiliated Managers Group (AMG) agreed to buy a majority stake in Veritas Asset Management, the fund business that split from Veritas’s private client arm in 2012.
Around this time, the private client arm was renamed Veritas Investment Management, while the funds and institutional business retained the Veritas Asset Management name.
Rayward is positive about the acquisition of Veritas’s corporate partner and says AMG has shown it is supportive of both businesses.
‘There is no change to our partnership and I’m very happy they have effectively tied in the partners of Veritas AM. For us, it has created stability in the relationship.’
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