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You're hired special: 30 headline wealth & fund moves in Q1
by Dylan Lobo on Apr 04, 2014 at 07:00
More star fund manager exits, a raft of retirements, boardroom shake-ups and a predatory South African wealth firm featured in what was busy a three months on the job front.
Charles Stanley boosts London team with quadruple hire
The private client stockbroker, headed by Sir David Howard (pictured), wasted little time getting its cheque book out in 2014, reinforcing its London ranks on 10 January with four key hires.
The signings comprised Adam & Company duo Peter Gossage and Michael Gifford, along with David Orr and Tom Sanderson, who joined from Brewin Dolphin and UBS respectively.
Weldon & Moore quit Threadneedle for Artemis
2013 saw some of the biggest names in fund management switch allegiances and this year suggested more of the same when star Threadneedle US equity pair Cormac Weldon (pictured) and Stephen Moore quit the firm for Artemis.
Artemis senior partner Mark Tyndall celebrated the capture. ‘The investment records of Cormac and Stephen speak for themselves, as does the scale of the assets they manage. So we will all be very pleased to welcome them to Artemis.’
FCA names ex-Kleinwort chief as wealth management head
With regulation of the wealth management sector an increasing focus for the financial watchdog turned to former Kleinwort Benson chief executive Robert Taylor (pictured) to help police the sector.
Taylor, an ex-Wealth Manager cover star, took up the role of head of wealth management and private banking in the FCA’s supervision division.’The wealth management sector is hugely important to the UK’s financial services. I’m looking forward to working closely with an industry I know well to ensure that its clients are being well served,’ Taylor said in his inaugural statement.
Neil Woodford picks off more Invesco alumni for new ventureNeil Woodford’s new investment boutique is likely to be the dominant funds story in 2014.
The Invesco Perpetual star made the headlines on 21 January when it emerged he had convinced another one of his former colleagues to set up shop with him at Oakley Capital when it opens for business at the end of April.
Neil Hamilton, the ex-head of global equity products at Invesco Perpetual, was convinced by Woodford to return to the UK from Australia where he was working for Colonial First State to become Woodford’s chief operating officer. He joins former Invesco sales head Craig Newman at the firm.
Woodford went on to hire former Telegraph journalist Paul Farrow as his press officer, while a handful of Invesco regional sales managers also intend to follow him to Oakley.
Ex-Sanlam CEO joins Brown Shipley
A shake-up in Brown Shipley’s boardroom saw it appoint former Sanlam CEO and Wealth Manager cover star Hugh Titcomb to head the firm’s private banking division. At the same time another former Wealth Manager cover star, Robert Smoker, and chief operating officer Robert Kitchen stepped down from the board.
Rodrigs quits Investec for River & Mercantile
January saw another high profile fund manager exit when River & Mercantile confirmed it had poached Investec Asset Management’s rising star Philip Rodrigs.
The move meant Citywire A-rated Rodrigs was reunited with former Investec colleague Dan Hanbury on River & Mercantile’s UK equity team.
Pimco’s El-Erian quits
Shockwaves rippled through the fixed income world when it emerged Pimco chief executive and co-chief investment officer Mohamed El-Erian was to leave after 15 years with the Californian bond giant.
A Pimco restructure following El-Erian’s sudden exit saw it appoint six deputy CIOs.
Carmignac replaces entire European equity team
Carmignac kicked of the year with a dramatic overhaul of its European equity team, replacing a three-strong unit with the hire of a quartet from London-based boutique SAC Global Investors, led by Muhammed Yesilhark along with three analysts Malte Heininger, Huseyin Yasar and Saiyid Hamid.
Deutsche Asset & Wealth poaches HSBC macro boss Poole
Deutsche Asset & Wealth pulled off something of a coup when it convinced HSBC Global Asset Management’s global head of macro to end his nine-year stint with the bank to join its ranks as research boss.
Andy Pomfret signs off at Rathbones
February saw one of the most recognised figures in wealth management, Andy Pomfret (pictured), end his 15 years at Rathbones where he served as chief executive. Describing his time with the wealth manager as ‘fascinating’ Pomfret, who was replaced by Phillip Howell, exited in style, with the firm delivering a 15% profit growth in 2013.
Elena Shaftan to retire from fund management
A new month brought another significant manager departure, this time in the shape of Jupiter’s emerging Europe specialist Elena Shaftan.
Shaftan joined Jupiter in 2002 from AIB Govett to launch the firm’s Emerging European Opportunities fund and is leaving the firm to pursue a career outside the industry.
Deutsche Asset & Wealth rebuilds Edinburgh with double hire
Valentine’s Day saw Deutsche Asset & Wealth give its Edinburgh arm some much-needed attention
The wealth firm filled the void left by a raft of departures in 2013 with two new senior investment managers. Mike Gore joined from Adam and Company, while John James was recruited from Blackadders.
Coutts names new investment head
RBS's wealth management unit went the academic route to replace investment head Gayle Schumacher (pictured), who took up a new role at Coutts.
Arne Hassel joined the private bank from Universities Superannuation Scheme (USS) in London, where he was most recently co-head multi-asset allocation with responsibility for the tactical decisions on some £40 billion worth of assets.
Psigma hires Rathbone’s Wishart to lead Scottish launch
The ultra-competitive Scottish market got even more intense on news that John Howard Smith’s (pictured) Psgima Investment Management had hired Rathbone’s investment director Tim Wishart to set up an Edinburgh-based proposition for the firm.
‘Scotland offers excellent growth potential for our ambitious growth plans,’ Howard Smith said.
Fidelity’s Richard Skelt retires after 23 years
February was met with another retirement when Richard Skelt ended his 23 years with Fidelity.
Skelt (pictured) joined Fidelity in 1991 as a research analyst, rising to head of quantitative research at the group in the mid-1990s. He also founded the Investment Solutions Group at Fidelity, the multi-asset team that now manages almost £25 billion.
Sanlam hires Arbuthnot man for new office
Ambitious South African wealth firm Sanlam Private Investments, headed by Craig Massey (pictured), underlined its national aspirations in a busy start to the year by hiring Arbuthnot’s Lee Clarke at the end of February.
Clarke was brought in to open an office in Eastbourne for Sanlam.
Brown Shipley’s Doran take CIO mantle from Botham
There was change at Brown Shipley in February as Kevin Doran (pictured) was appointed CIO, replacing Peter Botham who took a new post targeting the adviser outsourcing market.
Smith & Williamson’s Peter Lowe retires
In what was clearly a month for hanging one's gloves up, Smith & Williamson partner Peter Lowe retired after an 18-year stint with the firm.
Lowe (pictured) featured as one of Wealth Manager’s Top 100 last year and had looked after private clients at Smith & Williamson since 1995.
Brookes hires Deutsche man for Leamington Spa
Brookes was another to bolster its ranks over the month, convincing Deutsche Asset & Wealth Management’s Daniel Good (pictured) to join its Leamington Spa outfit
‘Daniel has a wealth of investment experience which we believe will greatly aid the growth of our Leamington Spa office and our overall footprint in the Midlands,’ said Andrew Shepherd, joint managing director of Brooks Macdonald Asset Management.
Sanlam hires ex-Brewin quartet for new North office
Craig Massey’s (pictured) Sanlam Private Investments was at it again in March, this time hiring a four-strong team of former Brewin Dolphin managers to form a new Teesside office for the South African firm.
The quartet – Sheila Tindle, Steve Richardson, John Pearson and Mark McMullan - found themselves on the market after Brewin shut its Teesside office following a rationalisation of its regional operation.
Richard Plackett takes a six-month sabbatical
With spring approaching BlackRock’s star fund manager decided the time was ripe for a break.
The Citywire + rated manager (pictured) will start his six-month sabbatical on 1 April, with Roland Arnold taking sole control of the Citywire Selection UK Special Situations fund.
Barclays’ wealth advisory head joins Salamanca
Catherine Grum quit her role as Barclays’ wealth advisory head to become head of family office services at Salamanca Group.
Based in London, Grum will spearhead the development of a new model for the provision of global family office services, aimed at helping families with increasingly complex issues to deliver on their personal and strategic objectives.
Salamanca chief executive officer and former Wealth Manager cover star Martin Bellamy said of the hire: 'Catherine’s impressive track record, extensive contacts and knowledge of the family office sector are a powerful combination,’ he extolled.
Ted Scott leaves F&C after 30 years
The retirement theme continued into March as F&C Investments’ global strategist Ted Scott brought the curtain down on a 30-year career at F&C.
Scott made his name as manager of the F&C Stewardship and Stewardship Income funds.
Tigue ends 17-year reign in F&C Investment Trust
In what was an emotional month at F&C, news of Scott’s retirement came shortly after it was announced colleague Jeremy Tigue was ending his 17-year spell as manager of the Foreign & Colonial Investment Trust.
'It has been a privilege to be responsible for continuing Foreign & Colonial Investment Trust’s record of growth over the last seventeen years and I would like to thank the board, my colleagues, our advisers and all the shareholders for their support and encouragement over that time,’ Tigue said in his exit statement.
Paul Niven will replace Tigue as the trust’s manager on 1 July.
Former Cornelian director joins Lloyds funds team
Former Wealth Manager cover star Jon ‘JB’ Beckett’s (pictured right) fund selection team was reinforced by the hire of Cornelian director Bill Bulloch to work alongside him.
The hire helps fill the void left by the departure of fellow Wealth Manager cover star Jake Moeller (left), who left the firm to take up a post with Lipper last October.
Adam & Co hires wealth director from Barclays
In the middle of March it was announced that Samuel Fay would be leaving Barclays’ wealth arm to join Adam & Company as private wealth director at the firm’s London office.
'I am delighted to welcome Sam to the team,’ said Kerry Falconer (pictured), banking managing director at Adam & Company. ‘He brings a breadth of financial services experience which will be a great asset to the business.’
Ashcourt Rowan hires Brewin’s man for outsourcing push
Ashcourt Rowan, headed by chief executive Jonathan Polin (pictured), targeted the lucrative outsourcing market with the hire of Brewin Dolphin’s Chris Legge.
Legge joined Ashcourt Rowan Asset Management as head of intermediary services after an eight-year stint at Brewins.
Esfandi named Canaccord CEO
As the quarter drew to a close there was big news at Canaccord Genuity Wealth Management (CGWM) where ex-Ashcourt Rowan managing director David Esfandi was named chief executive.
Esfandi replaced former Wealth Manager cover star Neil Darke (pictured), who had been at the helm of CGWM for seven years.
Newton and Standard Life lose charity heads
There were significant changes in the charity divisions at Standard Life Wealth and Helena Morrissey’s (pictured) Newton following the former’s acquisition of the latter last year.
The restructure saw Andrew Pitt leave his role as head of charities at Newton, while his former colleague June Jessop departed Standard Life Wealth.
Brown Shipley hires Barclays trio in Edinburgh push
Brown Shipley capped a busy first quarter by hiring a three-strong team from Barclays.
Douglas Noble, Neil Mitchell and Gair Brisbane join the wealth firm’s Edinburgh office and will focus on growing Brown Shipley’s client base in Scotland.