European Asset Management
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A SHEFFIELD HAWORTH PUBLICATION A summary featuring people news, industry updates with market trends and analysis EUROPEAN ASSET Patrick Morrissey Charles Bruce-Smythe MANAGEMENT Henry Spence 2019 Peter Hughes Tom Eagar Henry Milton 2019, Asset Management Overview – Europe MARKET OVERVIEW Despite headlines warning about the damage of Brexit, trade wars, tariffs and a global slowdown, Sheffield Haworth has seen robust hiring across the market in 2019. Hiring distribution leaders continues apace, despite the likes of Aberdeen Standard Investments letting entire teams go, though this year has seen an emphasis on the institutional side. ESG hiring demand continues to grow and as regulation and client expectations are raised and demand is outstripping supply. Hiring in investment is still strong, with firms looking for growth hires as well as replacement hires. Finally, we have continued to see the growth in private markets, particularly on the institutional side, as investors continue to search for yields in a pressured and competitive environment. In short, it is business as usual. ▪ In light of liquidity challenges in Woodford’s flagship open TABLE OF CONTENTS ended Equity Income Fund, as well as others, Mark Carney has announced a new regulatory focus on investment trusts. Market Overview ▪ Fallout from the Aberdeen Standard merger continues, with Business Development swathes of redundancies (including the entire wholesale sales team), drastically cut bonuses, Martin Gilbert stepping - Institutional down, continuing outflows and a shareholder revolt over executive pay. - Wholesale ESG “…ESG hiring demand continues to grow… and Investment and Product demand is outstripping supply…” - Equities - Fixed Income ▪ Legal & General Investment Management appointed Michelle Scrimgeour as Chief Executive, joining the growing - Multi-Asset ranks of female CEOs in the City. - Alternatives ▪ Andrew Formica replaces Maarten Slendebroek as CEO of Contact Details Jupiter Fund Management, as their Head of Distribution Nick Ring becomes EMEA CEO of Columbia Threadneedle, who is in turn replaced at Jupiter by Phil Wagstaff, a former colleague of Formica. ▪ USS announced that Simon Pilcher, former Head of Fixed Income at M&G, will take over as USSIM CEO in October, when the current CEO Roger Gray is set to retire. This is a private and confidential document prepared by Sheffield Haworth 2019, Asset Management Overview – Europe SELECT LEADERSHIP & BOARD MOVES: Alquity have hired Brad Crombie as Chief Executive Officer. He was previously Global Head of Fixed Income at Aberdeen Asset Management BNP Paribas Asset Management hired Rob Gambi as Global Head of Investments, sitting on the Executive Committee. He was most recently at Henderson Global Investors as Chief Investment Officer CFA Institute, the professional body for investment professionals, appointed Margaret Franklin as Chief Executive and President. She was most recently at BNY Mellon as President of Wealth Management Fidelity International hired Andrew McCaffery in a new role as Global Chief Investment Officer for Alternatives and Solutions from Aberdeen Standard Investments where he was Global Head of Strategic Client Investment Hawksmoor Investment Management appointed Sarah Soar as Chief Executive. She was previously Head of Investment Management at JM Finn Munich Re have appointed Nick Gartside as Chief Investment Officer and Member of the Management Board from JP Morgan Asset Management where he was International Chief Investment Officer of Global Fixed Income, Commodities and Currencies Newton Investment Management announced Kevin Carter as an Independent Non-Executive Director. He was previously Chief Executive Officer of Old Mutual Asset Management in the US and UK Pictet Asset Management appointed Nobel Gulati as a Non-Executive Director. He was most recently Chief Executive of Two Sigma before this Polar Capital have appointed Sandy Black as Chief Investment Officer from JO Hambro Capital Management where he was Investment Director BUSINESS DEVELOPMENT Hiring across distribution has been strong, as firms continue to upskill their teams. As the client base becomes increasingly more sophisticated, asset managers are looking to hire more technical sales professionals who have a demonstrable understanding of the underlying product as well as the breakdown of client’s portfolios. Challenges and Opportunities Historically, the institutional market, both from a direct sales and consultant relations perspective, was focused more on relationship management versus technical understanding of product. As such, there is disparity in the quality of candidates from an intellectual perspective. The emerging theme we have seen within the institutional market is that the best rated sales professionals have been the ‘up-and-comers’ rather than the individuals with 20+ years of experience. The former now tend to reference as having greater technical abilities and as more ‘solutions orientated’ in their approach to clients. Firms are increasingly looking for solutions-based sales leaders, moving away from the more traditional transactional model. This is a private and confidential document prepared by Sheffield Haworth 2019, Asset Management Overview – Europe INSTITUTIONAL SELECTED PEOPLE MOVES: Aviva Investors have appointed Steve Castle as Head of UK Consultant Relations from Pictet’s Consultant Relations team Blackrock have appointed Sion Cole as Head of Distribution, UK Fiduciary Management from Aon where he was Head of Sales & Distribution for consulting services EMEA BMO Global Asset Management have appointed Jurgen Florack as Head of Institutional Distribution for Germany from GAM, where he was a Managing Director for Sales Janus Henderson Investors have hired Suzanne Cain as Global Head of Distribution from BlackRock where she was US and Global Head of Institutional Clients, iShares Legal & General Investment Management have appointed Lisa Purdy as Head of Fiduciary Distribution from Lloyds Bank, where she was Corporate Pensions Director M&G have hired Ingo Matthey as Head of Institutional Business Development for Germany from Wells Fargo where he was a Sales Director Natixis Investment Managers have hired Andrew Benton as Head of Northern European Business from State Street Global Advisors, where he was Head of UK Institutional Sales Newton Investment Management have hired Jin Philips as Head of Strategic Relationships EMEA from Secure Insights, where she was in Client Strategy & Solutions for Consultants Oaktree Capital Management have appointed Caroline Martin-Glinel as Head of EMEA Consultant Relations from OZ Management, where she had the same role WHOLESALE SELECTED PEOPLE MOVES: Amundi have appointed Pascal Duval as Head of Retail Solutions from Russel Investments where he was Chief Executive Officer BNY Mellon have appointed Michael Beveridge as Head of Intermediary Distribution. He was most recently Head of UK Wholesale at Aberdeen Standard Investments HSBC Global Asset Management have hired Fay Hendon as Head of UK Intermediary Business Development from Aviva Investors where she was Head of Advisory Sales This is a private and confidential document prepared by Sheffield Haworth Q1, 2019 Asset Management Overview, Europe Martin Currie have appointed Barry MacLennan as Head of Wholesale Distribution from Aberdeen Standard’s Wholesale Management team Muzinich & Co have hired Tom Douie as Global Head of Distribution from Neuberger Berman where he was Head of Intermediary, EMEA and LATAM Neuberger Berman have appointed Jose Cosio as Head of Intermediary Client Coverage EMEA & LATAM from Alliance Bernstein where he was in Business Development Square Mile Investment Consulting & Research have hired Steve Kenny as Commercial Director from Kames Capital where he was Director of European Wholesale RELATED HIRES: Franklin Templeton have appointed Rita Pfahls as Deputy Head of Institutional Sales from Universal Investment where Rita was Head of Servicing Companies & Pension Funds Fulcrum Asset Management have hired Howard Fryer as UK Wholesale Sales Director from Fidelity International where he was a Business Development Director PIMCO have appointed Patrick Beuret as EVP, Country Manager for Switzerland having had the same role as a Managing Director at JP Morgan Asset Management Schroders have appointed Gillian Hepburn as UK Intermediary Solutions Director from Embark Group where she was Head of Strategic Partnerships Aberdeen Standard Investments have hired Fergus McCarthy as UK Distribution Director for Regional Accounts from BNY Mellon where he was Head of UK & Ireland Intermediary Distribution T.Rowe Price have appointed Marcus Gibbon as Head of Discretionary Sales for UK & Ireland having previously held the same role within the Aberdeen Standard Investments Wholesale Sales team. Willis Towers Watson have appointed Anne Swift as Senior Director, Advisory Investments, DC from KPMG where she was Head of DC Investments SH Selected Track Record 2019 Head of Marketing UK Asset Manager European Salesperson Asset Manager Senior Sales Director, Swiss Wholesale UK Asset Manager UK Institutional Sales Director Scandinavian Asset Manager UK Institutional Sales US Asset Manager Head of Institutional Sales UK Asset Manager Head of UK Wholesale UK Asset Manager UK Institutional Sales UK Asset Manager Consultant Relations Director UK Asset Manager This is a private and confidential document prepared by Sheffield Haworth Q1, 2019 Asset Management Overview, Europe ESG ESG has been the buzzword in