John Tierney, who was with Perpetual for 10 years, is joining Dresdner RCM as director and head of r...
John Tierney, who was with Perpetual for 10 years, is joining Dresdner RCM as director and head of retail sales, writes Robert Stock
The appointment was made by Dresdner's new chief executive, Tim Nuding, who took over the role after moving from Japan, where he headed Dresdner's Japanese asset management operation. Nuding took over the role on 1 January, although he has been with Dresdner in London since October last year.
Another member of the Perpetual sales team that is leaving is Kevin Mordrick who is joining Alliance Capital.
Their decisions follow the departure of salesman Steven Capon last November who moved to Aberdeen Asset Management.
Schroders has poached the entire US team from Perpetual leaving Invesco with the task of finding a replacement manager for the Perpetual American Growth which is to be renamed Invesco Perpetual US Core Fund from 6 April.
The team, made up of Ian Brady, Grant Cowley and Philip Chappell, is responsible for the Perpetual American Growth, ranked 62 out of 79 over three years in its sector.
The team is contracted to continue running assets for Perpetual for three months unless Invesco releases them from those contracts. Invesco chief executive for UK retail, Mike Webb, said Invesco was looking into a number of options which includes running the fund through parent company Amvescap fund managers in the US.
Invesco does not need to look for a replacement manager for the Perpetual American Smaller Companies Fund, which is managed by Grant Cowley, as the portfolio is to be merged into the Invesco GT American Smaller Companies Fund. The combined Invesco Perpetual American Smaller Companies fund will be managed by Invesco's Stacie Cowie.
Schroders have also added Ian Cooke from Legal & General to their US team stripping that group of the lead fund manager of its North American fund. Legal & General has refused to discuss its replacement plans.
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