Colonial Stewart Ivory is to base its UK, emerging markets and European teams in Edinburgh while its...
Colonial Stewart Ivory is to base its UK, emerging markets and European teams in Edinburgh while its Japan, US and global equities teams will be in London.
Existing heads of desks at Stewart Ivory, who have been appointed head of desks for the combined operation are David Shaw Stewart, as head of UK equities, John Millar on Europe and Angus Tulloch on emerging markets.
Fund managers from Colonial First State to be appointed heads of desk include Chiko Nara for Japan, Susan O'Brien for the US and David Leary on global equities. Under the new structure, following Colonial's takeover of Stewart Ivory in February, £3bn of assets will be managed from London and £5bn from Edinburgh, meaning a total shift of £2bn from the City to Scotland.
Mark Burgess, chief investment officer at Colonial Stewart Ivory said the company is now in the process of trying to internally locate additional staff.
He said although there could be "one or two" redundancies, the number of job cuts would not be significant. Henry Thornton, head of global emerging markets at Colonial, and Rob Brewis who was on the emerging markets team, have both resigned from the group.
Burgess said their resignation was unrelated to the merger.
He added: "This is not a cost cutting exercise, one of the main reasons Colonial bought Stewart Ivory was because of its high calibre people. We are building up our global analyst team and will be looking at finding other positions for staff in both Edinburgh and London."
The changes were not supported by John Thompson, who was to be chief executive of Colonial Stewart Ivory Investments. He left the company last week, following a difference of opinion over the future of the newly-merged investment house.
Thomson, formerly managing director Stewart Ivory, was appointed chief executive over Colonial First State's chief executive James de Sausmarez. De Sausmarez has since left the company.
Peter Polson, managing director of Colonial First State Investments Group will assume full responsibility for running the UK investment business, until a new chief executive is appointed.