Graham Kane, who resigned as head of business development at Old Mutual Asset Management (OMAM) last...
Graham Kane, who resigned as head of business development at Old Mutual Asset Management (OMAM) last week, has joined UBS Asset Management, writes Robert Stock.
The group has confirmed his appointment and said Kane has been hired to provide leadership to its existing wholesale retail business and to explore future growth opportunities.
Kane will take on the role of head of retail business at UBS Asset Management. Underneath this are six separate brands including GAM and Phillips & Drew.
Kane's experience in the retail intermediary world with OMAM, Morgan Grenfell, SociÃ©tÃ© GÃ©nÃ©rale Touche Remnant and Laurentian Unit Trust Management, has led to speculation that Phillips & Drew, the UK institutional arm of UBS Asset Management, could be used to launch a UK retail operation, something the group said it is too early to discuss.
At the same time, Hermes, the institutional asset manager owned by the BT pension fund, has announced that it is eyeing the intermediary retail market.
Hermes also has plans to bring its institutional process to the retail market, although this might not happen until 2003.
Anthony Esse, marketing director at Hermes, said the group, which has more than $50bn assets under management, is looking for either a strategic partnership or an acquisition to give it distribution into the intermediary channel.
Hermes is looking to bring enhanced index tracking capacity and highly focused funds, with as few as 10 stocks, to the market.
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