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Veritas splits private client and fund businesses in restructure
by Danielle Levy on Nov 15, 2012 at 12:40
Veritas is to formally split its fund management and private client divisions into two separate businesses.
The private client arm, headed by Mark Rayward (pictured), will be rebranded Veritas Investment Management, while the fund management business will retain its name Veritas Asset Management under the stewardship of chairman Charles Richardson, alongside fund managers Andy Headley, Ezra Sun, and chief operating officer Richard Grant.
Stewart Newton will become chairman of Veritas Investment Management, while former Wealth Manager cover star Anthony Rosenfelder will continue in his role as chairman of the international private client business - Veritas AG.
Veritas Asset Management will have a minority investment stake in Veritas Investment Management, while the reorganisation has involved the creation of two distinct limited liability partnerships. The team said the overhaul will enable the two businesses to focus on their respective clients' needs and differing regulatory requirements and strategic objectives. Both businesses will retain their investment approach and partnership-led culture. It is understood that the ownership structure will not change.
Charles Richardson, chairman of Veritas Asset Management, said he hoped the restructure will help to power future growth.
Mark Rayward of Veritas Investment Management added: 'We have made significant strides developing the team and service over the last few years and this is a natural progression for our private client and charity business.'
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