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Wealth Manager Profile: David Austin and Mary-Anne Daly
by Matthew Goodburn on Apr 01, 2009 at 11:16
Cazenove Capital Management’s private client business has come a long way since Mary-Anne Daly was recruited to head it up in 2001.
Very much part of a double act with the head of planning David Austin, Daly’s mission was to bring the blue blooded brand’s private client business bang up to date by creating what the duo believe is a unique proposition in the wealth management space: a fully integrated investment and tax planning offering for private clients.
Alongside Cazenove Fund Managers’ chief executive Andrew Ross, Daly made the decision to merge the financial planning and private client teams soon after joining.
The logic of such a move, while novel at the time, seemed clear to Daly, who had joined after 13 years at Baring Asset Management where she had worked in corporate finance.
She says: ‘We believed clients were unlikely to arrive at the optimum solution unless tax and investment were looked at together.’
The strategy was not only to ensure that each private client would be served by a specialist from both the planning and the investments team but also to bring sophisticated multi-asset portfolios to private clients more accustomed to a more traditional approach.
Initially, the process was quite time consuming and not without its difficulties as the investment team Daly inherited was run along the lines of an old school private client stockbroking business.
Brought up in Beirut, and married to an American investment banker, Daly is able to speak some Arabic and is fluent in French and Italian, the latter the legacy of having an Italian mother.
It seems likely that her flexibility in adapting to different cultures stood her in good stead when faced with overhauling Cazenove Capital Management’s private client office in Moorgate.
Daly recalls: ‘When I arrived we had to revolutionise the existing business. We had to stop the team just selling Shell or Tesco and start looking at third party funds, hedge funds and using asset allocation.’
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