Managers of the Five Arrows Private Portfolio Service (FAPPS), Robert Burdett, Gary Potter and Kelly...
Managers of the Five Arrows Private Portfolio Service (FAPPS), Robert Burdett, Gary Potter and Kelly Prior are leaving Rothschild Asset Management on 29 June, to create a multi-manager division for Credit Suisse Asset Management.
CSAM is moving into the multi-manager sector, says a spokesman for the UK division, following a strategic review of the IFA sector and the products intermediaries are expected to recommend this year.
Work is expected to begin on product development within the next few weeks, he adds, however no date is set for launch of its fund of funds.
Initial emphasis is expected to be on creating "a balanced portfolio, selecting the best managers from the best groups".
Burdett, Potter and Prior will be part of CSAM's European-wide strategy to develop strong multi-manager products in countries where investors are already interested in funds of funds.
However, until their departure, Burdett and Potter will work closely with Philip Barleggs, head of asset allocation at RAM, who will oversee the management of the service once they leave.
Barleggs will then assume responsibility for the management of FAPPS until the arrival of replacements, working alongside David Kiddie, RAM's Chief Investment Officer, who has overall responsibility for the FAPP service.
Losing Bardett and Potter is thought to be a significant blow for Rothschilds and its Five Arrows Private Portfolio service, which now has around £1bn of assets under management.
Sources at Rothschilds say they are confident demand for the service will continue to grow, and are committed to further improving the high level of service and performance for IFAs and investors.
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