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View the article online at http://citywire.co.uk/wealth-manager/article/a634825

Veritas splits private client and fund businesses in restructure

by Danielle Levy on Nov 15, 2012 at 12:40

Veritas splits private client and fund businesses in restructure

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.'

5 comments so far. Why not have your say?

NS

Nov 15, 2012 at 14:17

"Veritas Investment Management" and "Veritas Asset Management"? That won't cause any confusion at all.

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Small business owner

Nov 15, 2012 at 15:21

VIM or VAM.....

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PCIAM

Nov 15, 2012 at 16:08

Va va voom

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CoeurDeLion87

Nov 16, 2012 at 08:42

Like many things happening in the Square Mile these days there are things that baffle and things that baffle. What is curious about this Veritas article is that there appear to be two sets of fee paying clients, two sets of management, two sets of regulatory requirements and two sets of strategic objectives. Again presumably this is because the FSA is splitting into different hydras so Veritas have decided to copy them. Confused? Well, you should be because I doubt anyone reading the article can make any real sense of having two businesses standing side by side with similar names. It's nice work for the branding specialists of course (old market adage..."there's no such thing as an expert"). I feel sorry for the receptionists. "Veritas...good morning.....no sir you're be redirected to Veritas". Oh well, it's just like the regulator then.

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Anonymous 1 needed this 'off the record'

Nov 16, 2012 at 09:49

One thing is for sure, it won't be in the interest of the clients.

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