Dean Cheeseman, manager of the managed portfolio service at Quilter, is to join Forsyth Partners, th...
Dean Cheeseman, manager of the managed portfolio service at Quilter, is to join Forsyth Partners, the research and investment management company, as head of UK investments, writes Fiona Henderson.
Cheeseman, who joins next month, will be responsible for the management of Forsyth's Sterling Global Growth and the Sterling Global Balanced funds. These were recently launched in the group's Dublin range and started dealing on 29 June.
Both funds are designed for UK investors and Cheeseman will be working alongside Peter Toogood and Rossen Djounov, joint managing directors of investment and research at Forsyth.
Forsyth is also re-launching its offshore Discretionary Portfolio Management Service and Cheeseman will take responsibility for running this money. Paul Carne and Jackie Beard, who co-managed investment portfolios at Quilter with Cheeseman, will also join Forsyth in investment roles on the discretionary portfolio service. Forsyth has recently combined its research and investment management departments.
David Franklin, managing director retail fund division at Quilter, is to take personal responsibility for the portfolio service pending a decision on who will formally take over from Cheeseman.
The group has recently been acquired by Morgan Stanley Dean Witter and will be rebranded as Morgan Stanley/Quilter at the end of September.
Franklin said: 'This will be in line with the Morgan Stanley global strategy, which is to eliminate Dean Witter from the brand. Subsequently, any subsidiaries of the group including Quilter will be know as Morgan Stanley/name of subsidiary.
'The departure of Cheeseman is symptomatic of the market and the merry-go-round that is this area of fund research.
'A number of teams have moved and people with expertise in this area are in demand. We are sorry to lose invaluable people but it is not insurmountable and provides an opportunity to reappraise and improve the service.'
Franklin has already begun to implement changes to the fund selection and asset allocation of the service.
He said: 'I will be taking a more active stance against the bear market. The portfolio service will now have a limited exposure to emerging markets and the Far East and reduced exposure to the US. This will result in an increase in our cash and fixed interest weightings, in particular investment grade fixed interest.'
The changes Franklin proposes are effective immediately, he has already cut the service's entire exposure to UK smaller companies in favour of cash.
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