People Moves

Executive Moves February 2009

Rachel Walsh, 2 March 2009



Deutsche Bank-owned Tilney Private Wealth Management appointed Kypros Charalambous as investment director for its

Birmingham private client team – its second senior hire from Barclays Wealth within six months.

Legal & General, the

UK life insurance and investment house, announced the departure of Kate Avery, group executive director of its wealth management division at the end of February.

London-based fund management firm Threadneedle expanded its fixed income arm with the appointment of an asset backed securities team.

The new additions to Threadneedle were Andrew Bristow, a former Goldman Sachs banker, along with a five-strong specialist ABS team from Australian investment bank Babcock & Brown.

Coutts & Co, the
UK private banking arm of Royal Bank of
Scotland, promoted John Goss from client partner to senior client partner for
Kent and

Sussex. Mr Goss, who had been managing the Tunbridge Wells office for the last year, also assumed responsibility for the new team in Brighton, and will be driving the expansion of Coutts along the


UK wealth manager Kleinwort Benson appointed Gordon Scott to lead its Scottish and Northern Irish operations based in


Mr Scott joined from Standard Life where for over ten years he had played a key role in the company’s increasingly important presence in the high net worth market.

Japanese and Asian equities specialist Tokio Marine Asset Management appointed Polly Smith as head of sales and marketing for EMEA, senior vice president, business development.

International investment management firm Barings appointed Matthew Finch as sales director,

UK retail distribution.

Mr Finch joins Barings’
London team at the beginning of February and will report to Rod Aldridge, head of

UK retail distribution.

Scottish investment manager Baillie Gifford & Co added Scott Mackenzie to their sales team as a regional sales manager. Mr Mackenzie’s team covers the Essex,
Kent and
Sussex areas and he is based in

Kent. He joined the company from GMAC-RFC where he  been a regional sales executive since 2004.

Brewin Dolphin, the
UK private client investment manager, promoted ten executives in branches across the


Graeme Milne (
Aberdeen), Stephen Cartwright (
Belfast), John Lynch (
Belfast), Tony Thomas (
Cardiff), Gary Fawcett (
Newcastle), Fiona McClelland, and Campbell MacLachlan (

Newcastle) was promoted to the rank of divisional director.

International asset manager Gartmore is to make Paul Graham head of Global Alternatives from April. Mr Graham joins the firm from Baring Asset Management, where he is head of alternative sales, business development and client services. He will join Gartmore’s

London headquarters, reporting to Phil Wagstaff, Gartmore’s global head of distribution. 

Coutts, the private banking arm of the Royal Bank of

Scotland, promoted Greg White to client partner for its Executives Client Group.

In his new role Mr White, who formerly held the position of senior private banker, remains at Coutts’ office at

1 Canada Square in


Kul Singh is the new head of Global Wealth Solutions for HSBC Private Bank in the
Channel Islands. He replaced Gerard Kean, who left after 22 years with the company.

Withers, the international law group, made Ziva Robertson a partner in its Contentious Trusts and Succession Group.

Accountancy and financial advisory group Smith & Williamson hired Tracey Townsend as an investment manager in its

Birmingham office, which opened in September 2008. Ms Townsend is responsible for the execution-only and probate valuation services team.

Ms Townsend joined from Barclays Wealth, where she was in charge of the execution-only team.

Vestra Wealth, the London-based wealth management firm that was set up last summer and dramatically hired a large team of UBS staff.

The board includes Prince Rupert Loewenstein, the former financial advisor to the Rolling Stones rock group and Derek Scott, a former economic advisor to ex-UK prime minister Tony Blair.

Allenbridge, the UK-based investment consultancy firm, appointed Conrad Montford, a former director and senior private banker at Citi, to its family office and wealth management division.

London-based fund management firm Threadneedle appointed Ann Steele to the institutional arm of its European Equity team. Ms Steele joined Threadneedle from Pictet, where she was head of European Equity working across all European markets including the emerging regions, Eastern Europe and


Yorkshire firm Fox Hayes went into administration a month after its commercial and private client teams left for Lupton Fawcett.

It is believed that job losses amounted to around 115, but most were not lawyers.

Michael Fordham, former director and co-founder of the Ascentric wrap platform, joined Dorset-based inheritance tax specialist and fund manager The Way Group as managing director, business development.

Sir Philip Hampton, chairman of
UK supermarket giant Sainsbury's, was tipped by media reports to take over from Sir Tom McKillop as chairman of the Royal Bank of Scotland, the parent of

UK private bank Coutts.

BNY Mellon Asset Management, part of Bank of New York Mellon, made Paul Faragher regional sales manager for its
UK operations in 

East Anglia and the South East.

In this newly created role, Mr Faragher is based in

London and reports to Scott Goodsir, head of UK Wholesale. He is responsible for developing and managing existing relationships with advisory clients across his region.

UK private bank Brown Shipley named Ian Sackfield as its new managing director, replacing Stephen Blaney who became the bank’s non-executive chairman.

In addition to his new role, Mr Sackfield continues as managing director of Brown Shipley’s collective funds subsidiary, KBL Investment Funds (which trades under the name Solus).

UK life insurance and investment house Legal and General cut 34 jobs as part of the restructuring of its independent financial advisor sales support team. New positions within the company will be sought for a maximum of 34 business development managers when restructuring plans are finalised in February, a spokesman told Wealthbriefing.

UK-based Insight Investment Management, part of the HBOS Group, named Michael Pinggera as the new head of its multi-asset group, the team which runs the firm’s diversified range of funds.

Having taken up leadership of the group last week, Mr Pinggera now oversees the management, investment selection and portfolio construction of Insight’s multi-asset range of fund Taylor Young Investment Management is making Christopher Buxton the new manager of its £16.6 million ($24.3 million) CF Taylor Young Growth and Income fund, effective immediately.

Hedge fund manager Polar Capital is to a reluctant goodbye to Julian Barnett, who managed about one third of the company's assets through the Polar Capital Paragon Fund.

The fund management firm was reported as saying that Mr Barnett  decided to leave for personal reasons and will continue to manage the fund until it was wound down and assets returned to investors.

Towry Law, a UK-wide group of financial advisors, promoted Bryan Innes to the role of senior client partner. Mr Innes, based in

Aberdeen, joined Towry Law in 1999.

London-based boutique Insynergy Investment Management appointed David Orr as marketing and product director.

Mr Orr joined Insynergy from Fidelity International where he was most recently product director for Asia Pacific equities.

London-listed asset manager Liontrust  confirmed the resignation of star fund managers Jeremy Lang and Mark Pattison, an unexpected development which prompted several independent financial advisors to pull their recommendation of the firm’s funds.

PricewaterhouseCoopers appointed Garry Bell as a director in its
Channel Islands tax practice.

Based in the Jersey office, Mr Bell took on responsibility for providing tax services to a range of corporate clients and private individuals across both Jersey and
Guernsey. He will also play an active role in future
Jersey government consultations.

The asset management division of Close Brothers made two hires from UBS Weath Management to its

UK distribution team, furthering its plans to support IFA firms with discretionary investment management.

Robert Imbert joins Close Brothers Asset Management as director of intermediary sales, while David Muncaster was appointed director of intermediary relationship management.

Investment manager Fidelity  confirmed that its managing director in the

UK, Simon Ellis, was to leave the firm at the end of January. Mr Ellis’ departure is part of job cuts aimed at reducing costs, which it is thought will amount to several hundred redundancies.

UK investment platform Cofunds  appointed Brett Williams, former head of Skandia UK, as its new chief executive. Mr Williams takes over from Charlie Eppinger, who is now a non-executive director.

Mr Williams was previously chief executive of Selestia and Skandia Multi Funds following Old Mutual’s acquisition of Skandia in 2005.


UK insurance broker Heath Lambert is making Laura MacFadzean associate director of its high net worth division. Previously at competing insurers Marsh, Ms MacFadzean was head of the private client division for the North of the

UK. She joined the

Edinburgh office.

Investec Trust, part of the South African and UK-based Investec Group, named Luis Gonzalez as a new director. Mr Gonzalez is a former managing director of Rothschild Trust.

London-headquartered Ingenious Asset Management hired Philip Todd and James Oldham as investment directors.

London-based boutique firm Insynergy Investment Management appointed Matthew Deeprose as business development director.

Lloyds Banking Group, formed out of the recently-agreed merger between
UK banks Lloyds TSB and HBOS, appointed Tom Woolgrove to the post of head of

UK private banking, a move from his previous role as head of HBOS’s general insurance arm.

Regional law firm Freeth Cartwright  started redundancy consultations potentially affecting up to 15 fee earners and 45 support staff, according to Legal Week.

RBC Wealth Management, the wealth management arm of Royal Bank of
Canada, hired a former Citibank International team to cover its non-resident Indian clients as the firm moves to increase its coverage of the NRI market in Europe and

Architas, the

UK multi-manager investment company which is part of the AXA Group, appointed Jim Hardie as finance and commercial director.

In the newly created role, Mr Hardie is responsible for the fund manager’s strategy and profitability, along with the development of the AXA Life core unit linked fund range.

Specialist wealth management headhunter Gibson Tullberg hired Simon Worthington to reinforce its London-based practice. He joined from Whitehead Mann where he was a junior partner. 


SG Private Banking, the wealth management arm of Société Générale, appointed Guillaume Lejoindre managing director for its Swiss operations.

Mr Lejoindre succeeded Bernard Sonntag, who is leaving the firm to pursue other interests, and will report directly to Daniel Truchi, global head of SG Private Banking.

The international private wealth management recruitment consultancy AP Executive, part of the AP group, added a new recruiter to its

Geneva office.

Pierre-Henry Théus, a Genevois, been appointed as senior consultant.

International wealth management firm Stanford Group  added David Singh to its advisor team in

Zurich as it continues the recruitment and expansion drive from last year.

Frank Keller  been appointed head of finance at

Zurich wealth manager Julius Baer, with immediate effect. In this capacity, he will be responsible for the entire finance services area, including financial accounting, management accounting/management information system, strategic controlling and planning, reporting and procurement. He will report directly to Boris Collardi, chief operating officer.

Insurance group Swiss Life  named three new members of its executive board in

Switzerland, including the external hire of a head of private clients, as it moves towards adapting the organisation.

First among the appointees was Thomas Bahc, who was named head of private clients in

Switzerland.  Mr Bahc joined Swiss Life from Helvetia Wealth, the Swiss and Liechtenstein-based asset management firm, where he is currently responsible for individual life and pension products.

Hans-Jakob Stahel and Leo Huwyler were appointed head of corporate clients and head of sales channel management respectively. 

Investment management firm GAM, which is owned by Swiss bank Julius Baer, made James Lindsay-Fynn a portfolio manager within its managed portfolios service.

Prior to joining GAM on 6 January, Mr Lindsay-Fynn worked at Bank of America as vice president of credit and derivative sales, covering

UK institutional investors on credit and fixed income products.

Rothschild Private Banking and Trust appointed Gàbor Vass as a private banker at its

Zurich office.

Mr Vass joins Rothschild from Coutts

Zurich base and focuses on the Hungarian market. He joined Coutts in 2005 and founded its Hungarian private banking business in


Swiss based private banking group EFG International said it is set to take on at least 150 client officers this year, despite the financial crisis. The Zurich-headquartered bank’s 2007 hiring targets remain relatively unaffected by tumultuous economic conditions.

Swiss private bank Sarasin appointed the former chief executive of AIG Private Bank in Zurich to head up a newly-created trading and family offices division which was launched at the start of this year. Peter Wild joined Sarasin at the start of January.

North America

As the acquisition of US bank Wachovia by Wells Fargo got formal shareholder approval, Wells Fargo named Shelley Freeman, previously regional president for Los Angeles County community banking, as the head of community banking operations in Florida.

BryanMark, a
St Louis,
Missouri based financial planning firm, named H Joseph Price as executive vice president of its

Kansas city operation. Mr Price was previously head of

Kansas City law firm Spencer Fane Britt and Browne’s tax & estate planning practice group.

The investor who helped US hedge fund manager John Paulson to make $15 billion from accurately predicting the meltdown in the US sub-prime mortgage market left Paulson & Co, the hedge fund firm, to set up his own fund.

A record eight new partners were made at offshore law firm Harney Westwood & Riegels. They are Tanya Cassie, Jacqueline Daley-Aspinall, Rachel Graham,

Zac Lucas,
Leon Mao, Marco Martins, Andrew Thorp and Russell Willings.

Bob McCann, the head of brokerage at Merrill Lynch, announced his plans to leave the firm just days after Bank of America completed its takeover of Merrill.

John Thain, the former Merrill chief executive who is now president of the Bank of America's global banking, securities and wealth management business, announced Mr McCann's plans to staff in a memo obtained by WealthBriefing.

Dan Sontag, a 30-year veteran of Merrill Lynch, heads the brokerage’s asset management business that was acquired recently by Bank of America. Mr Sontag had been deputy to Robert McCann, vice chairman and president of global wealth management, who left Merrill Lynch.

The departure of Robert McCann, vice chairman and president of global wealth management at Merrill Lynch, spelt the end of the old guard at the brokerage firm, industry participants agreed.

Fidelity Investments named Ed Orazem, former managing director of Global Wealth Management for Citigroup, as president of Fidelity Family Office Services. Peter Cieszko, former president and chief executive officer of Evergreen Investments, is president of Fidelity Investments Institutional Services.

New York headquartered Marathon Asset Management expanded its managing partnership with the appointment of five new members from within the company. The new partners are: Andrew Rabinowitz, the chief operating officer; Richard Ronzetti, global investment manager and head of research; Jon Halpern, head of real estate; Steve Kim, Asian chief investment officer and Adam Phillips, chief investment officer for

US-based Pioneer Investments appointed Bill Taylor as the new head of its relationship and strategic investment division. Mr Taylor, who is based in

Boston, is involved in sales organisation at the group in a role that has him dealing with broker-dealer relationship and corporate accounts.

Credential Financial, the Canadian wealth management distribution company,  named Doce Tomic as president and chief executive officer.

Mr Tomic, who took up leadership at the start of January, was most recently president of Ticoon Technology, a privately-held Canadian technology firm in


Chicago-based Perkins Investment Management is making Peter Thompson its new chief executive.

In his new role, Mr Thompson will be responsible for the daily management of the business. Jeff Kautz, who  been serving as interim chief executive, will continue to serve as chief investment officer and co-portfolio manager of Perkins Mid Cap Value Fund and Janus Adviser Perkins Mid Cap Value.

Deutsche Bank  made Chip Packard its head of private bank activities in
New York,
Chicago and

Florida, replacing Kyle Delaney.

Mr Packard will report to Tom Bowers, head of the
US private wealth management division and continue to serve on the

US private wealth management executive committee.  His appointment came into effect on 1 January and he is based in

New York.

US bank Wells Fargo refused to take back 175 employees who were once with the bank but defected to US rival Wachovia before being acquired in a deal that was formalized this month.

There were 2,000 employees in total who left San Francisco-based Wells Fargo to join Wachovia before the acquisition of the latter bank was announced, according to Wells spokeswoman Kathleen Golden.

Vista, a US wealth management firm based in the West Coast,  hired Joe Delaney, principal of Equius Partners, a registered investment advisory firm in Novato, California.

Third-party accounting and administration firm Mourant International Finance Administration  named John Wiencek as managing director of its
New York office and as the head of

US fund administration. His career included periods at Coopers & Lybrand, SS&C Technologies, BISYS and private equity funds.

Morgan Stanley  lost one of its top earning US-based brokers to UBS, according to Investment News.

Michael Giacone, who reportedly advises Morgan Stanley co-president James Gorman on his personal investments, joined UBS AG in its

New York office as a financial advisor.

Raymond James, one of the largest independent brokerage firms in the

US, exploited the shakeup to Wall Street firms by poaching 43 financial advisors from firms including Wachovia, Merrill Lynch and UBS in the last three months of 2008.

Citi appointed its lead director and chair of the nomination and governance committee, Richard Parsons, to succeed Sir Win Bischoff as chairman from 23 February 2009. Sir Win, who had been with Citi since 2000, will retire from Citi later this year.

UBS is continuing its

Texas recruiting campaign, luring two multi-million-dollar teams in as many days from rivals, according to Bank Investment Consultant.

Jason Devening, William Diehl, Russell Crow, Greg Peroni and Kerry Wildenthal Fagelman have joined from Goldman Sachs, where they oversaw combined client assets of $4 billion and generated $30 million in fees and commissions, the publication said. The team, which started at UBS on 16 January, will be based in
Dallas, but will report to John McCauley, manager of the private wealth management office in

Houston. Most of the team members spent the past six years at Goldman Sachs and prior to that worked at Morgan Stanley.

UBS also recruited an 11-person team from Morgan Stanley to join its

Houston private wealth management office. Robert Mueller, Thomas Bres, Sean Cusack, Michael Dellinger, William Jackman, Brooke Caudell, Rohit Padmanabhan, Chris Szima, Toni Melinder, Kimberly Eastman and Maren Boudra started at UBS on 14 January.

Jeffrey Anthony  been appointed chief executive of Heritage Capital Management, which is a wholly-owned subsidiary of US-based Wainwright Bank.

Previously, Mr Anthony served as a general partner and managing director of Haldor Investment Advisors and as a vice-president and

Boston regional manager with SNC Investment Counseling, the high net worth investment management division of Shawmut National Bank.

Bank of America  confirmed the resignation of former Merrill Lynch chief executive John Thain, who was appointed as head of global banking and global wealth and investment management for the combined company just three months ago.

The company named long-time BoA executive Brian Moynihan to replace Mr Thain.

RBC Wealth Management, part of Royal Bank of
Canada, bolstered its
US operations with the addition of two high-asset teams to its offices in
Minnesota and



Minneapolis, RBC hired a team led by Gary Petrucci from Piper Jaffray, which was taken over by UBS Wealth Management USA in 2006.  In addition to Mr Petrucci, senior vice president – financial consultant, the team comprises Lory Dubbels, senior investment associate, and Deb Stueven, investment associate, and  assets under management of $300 million.

In addition, financial consultants Bill Hedges and Lance Newlin, along with investment associate Shelley Johnson joined RBC Wealth Management in

Reno.  The team joined RBC from UBS.

US banking group Northern Trust  appointed Robert Browne as the successor of chief investment officer Orie Dudley, who retired after having led the investment team for over eight years.

In his new role Mr Browne is based at Northern Trust’s

Chicago headquarters and reports directly to Stephen Potter, president of Northern Trust Global Investments.

Atlanta-based SunTrust Bank  named Laura Kaplan as managing director and head of its Private Wealth Management Legal Specialty Group. In this role she will assume responsibility for overseeing the strategic direction and operations of the group dedicated to serving the specific financial needs of attorneys and law firms.

New Jersey-based Kerwin Wealth Management, a subsidiary of Wachovia,  made former professional baseball star Patrick Boran a financial advisor.

Deutsche Bank  upgraded its ability to deliver foreign exchange services in Cayman with the appointment of Paul Tanguy, who will head up a new Cayman-based FX business.

Asia Pacific

In changes to the senior management team of JP Morgan Asset Management India, Krishnamurthy Vijayan, formerly chief executive and whole-time director, has been promoted to executive chairman, while Christopher Spelman has been appointed head of the asset management business.

Deutsche Bank has made Ajay Bagga, the former chief executive of Lotus India Asset Management, head of its private wealth management arm in

India, a spokesman confirmed to Wealthbriefing.

Barclays Wealth, the
UK wealth management firm, has appointed Joanna Chu as managing director and co-head of
North Asia for its private banking business.

Ms Chu, who has more than 20 years of experience in the
Hong Kong market, has worked in the past eight years as head of private banking and trust services at Hang Seng Bank’s wealth management business.

Merrill Lynch’s head of Asia Pacific Advisory has departed the firm in order to start up his own business, WealthBriefing understands.

Rahul Malhotra was based in
Singapore and oversaw Merrill’s private client operations across Asia in all countries except


UBS named veteran Japanese banker Toshiharu Kojima to a new role of country manager in

Japan, highlighting the bank's desire to win more business from large domestic brokers such as Nomura Holdings.

Merrill Lynch, now part of Bank of America, has cut 40 jobs in the wealth management division of DSP Merrill Lynch
India, according to the Economic Times (of


The affected division is called the Global Private Client.

MLC, the wealth management division of National Australia Bank, is cutting 120 jobs from its Melbourne and Sydney operations, according to Australian daily The Age.

The move follows the decision by ANZ and Macquarie Bank to each cut hundreds of jobs in December. Analysts expect as many as 10,000 big bank jobs to go in the next year or so.

Middle East

Northern Trust has appointed Chris Blakey as head of product management fund administration for the EMEA region.

In this newly created role based in

London, Mr Blakey oversees groups delivering traditional funds and fund of hedge funds, along with pooling solutions.


Swiss-based Pioneer Investments is making Reinhard Müller the head of its Swiss operation. In his new role, he will develop the position of Pioneer Investments’ wholesale, institutional and retail businesses in

Switzerland. He will report to Dominik Kremer, chairman of the firm's administrative board.

Dutch bank ING’s chief executive Michel Tilmant is resigning as a result of exhaustion, effective immediately. He will be replaced by the former Philips’ chair and head of the bank supervisory board Jan Hommen in April. Executive board member Eric Boyer takes over in the interim.

In a separate move, ING is to cut 7,000 jobs after posting a fourth-quarter loss of €3.3 billion (£3.1 billion).  

Stenham, the alternative wealth management group, is making Damian Cocking its new senior relationship manager for the Channel Islands and Isle of Man and Marco Gebhard the senior relationship manager for

Deutsche Bank has named Igor Soglayev as the new head of its Private Wealth Management in

Russia, replacing Vladimir Pakhomov who had led the unit since January 2008.

The Brussels-based KBC banking and insurance group’s chief financial and risk officer and executive committee member Herman Agneessens will be retiring with effect from the annual general meeting of 30 April 2009. At that time, he will have spent 37 years with KBC, thirteen of them as a member of the executive committee.

UK-based alternative asset manager Foresight has appointed Giovanni Terranova as an investment director in its

Rome office, boosting the firm's European solar team.

Latin America

Brazil’s Banco Bradesco is making Luiz Carlos Trabuco Cappi its new chief executive and a member of its board of directors, according to a statement. Mr Cappi replaces Márcio Artur Laurelli Cypriano, who is retiring after ten years at the helm this March, but who will remain a member of the board.


Revere Capital Advisors, the
New York and

London based investment group created by former Man Group executives, is making Giles McClelland head of hedge fund development and Andrew Godfrey head of manager selection in its North American office.

Global investment company Russell Investments has appointed Andrew Doman as new chief executive.

Mr Doman, who takes up leadership on 2 February, succeeds John Schlifske who was named president and CEO in June 2008.

Generali International, the offshore financial services unit of the Italian insurer, has made a number of senior appointments.

Debbie Le Noury, previously chief financial officer for the Generali Worldwide Group succeeded Peter Hobbs as head of Generali International. She worked with Generali in
Guernsey for nearly five years and prior to this held senior positions with Investec Asset Management and Guernsey Electricity.

David Gasparro, head of distribution for international asset manager Threadneedle, is to leave the company by the end of the month. The decision was reached “by mutual agreement”, according to a statement.

Standard Bank of

South Africa has appointed Adam Hunt as head of High Net Worth Clients in its Private Bank division.

Mr Hunt will be responsible for spearheading Standard Bank’s private client acquisition programme, focusing specifically on clients in the Middle East,
Kenya and


RBC Direct Investing, part of Royal Bank of
Canada, has named Jason Storsley as president and chief executive, while at the same time RBC Wealth Management appointed Peter Lucas as investment strategist for its
Jersey operation, continuing a recruitment spree which gathered pace through 2008.

Collins Stewart Wealth Management has appointed Richard Stanley as an investment director in its
Isle of Man office.

Mr Stanley joins the firm from Singer & Friedlander Investment Management, where he had been managing director since 2002.

The Chartered Financial Analyst Institute has named John Rogers as the global association’s new president and chief executive. His term of office begins immediately, succeeding Jeff Diermeier, who had been in post since January 2005.

South African-based Standard Bank Offshore has appointed David Wilkinson as its director of intermediary distribution, working from the Isle of Man.

Mr Wilkinson has extensive offshore financial services experience, most recently with Royal Bank of Scotland International as head of sales for the investment.

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