The latest moves, appointments and personnel changes in the UK, Europe, Middle East and select jurisdictions where wealth management takes place.

Legatum
Mark Stoleson, the CEO of Legatum, a private investment partnership, has stepped down after 20 years with the group, while continuing as a senior advisor, this publication can confirm.

Stoleson – interviewed by this news service here – joined Sovereign Group, Legatum’s predecessor firm, in 2005. When Legatum was launched in 2006, Stoleson served as its first president and was then appointed as CEO in 2010. During his tenure, he helped nurture the organisation’s philanthropic endeavours, including three collaborative funds – the END Fund, Luminos Fund and Freedom Fund.

A spokesperson for Legatum confirmed the change; the organisation does not intend to fill the CEO slot.

Legatum continues to be led by its partners, Christopher Chandler, Philip Vassiliou and Alan McCormick.

“I am very proud that Legatum has built a world-class investment business that uses its resources to execute on the mission to help others prosper. I am grateful for all that my colleagues and I have accomplished together over the past two decades as we worked towards both commercial success and also real impact in the philanthropic and policy arenas,” Stoleson said in a statement on Legatum’s Linkedin page.

GAM Investments, Gramercy
Zurich-headquartered GAM Investments is partnering with US-based Gramercy Funds Management through which the US firm will become delegate manager for all of GAM's emerging debt investment strategies.

The arrangement is subject to customary regulatory approvals.

Gramercy, which was founded in 1998, oversees $6 billion in assets under management. It has offices around the world, including West Palm Beach (Florida), Greenwich (Connecticut), London (England), Buenos Aires (Argentina), Miami (Florida), and Mexico City (Mexico). 

Gramercy’s deputy chief investment officer and head of emerging market debt, Philip Meier, will be an “integral component” of the investment management of GAM’s emerging market debt strategies. 

Paul McNamara, GAM's investment director for EM Debt, has decided to retire after 28 years in the asset management industry. Markus Heider, investment manager, will remain with GAM as it switches to working with Gramercy.