Morgan Stanley’s van Steenis in Schroders switch
One of Europe’s top bank analysts is leaving his research post at Wall Street bank Morgan Stanley after 14 years, to take up a role at one of the giants of the UK’s asset management industry.
Huw van Steenis is leaving Morgan Stanley, where he led the bank research team in Europe, to join Schroders as global head of strategy, starting in the final quarter of 2016, according to a statement from the £343.8 billion asset manager on September 1.
The firm said van Steenis will focus on “medium and longer-term strategy development” in the new role, which will see him report directly to Peter Harrison, Schroders group chief executive since April, who has made no secret of his interest in diversification.
People familiar with the appointment said van Steenis will advise Schroders on ways to diversify its offering out of equities, bonds and multi-asset investments, now that traditional managers are facing headwinds from low investment returns and cheap competition from passive funds.
Morgan Stanley and consultant Oliver Wyman warned in a report published in March that asset managers were facing headwinds. US consultant Casey Quirk by Deloitte told Financial News on August 2 that they could suffer five years of pain.
Schroders is among several managers seeking greater safety in private markets, including alternatives.
Schroders could invest more in credit, real estate, loans and hedge funds, drawing on the experience of US managers seeking to allocate a third of their assets to alternatives. Acquisitions will be likely with van Steenis on board, according to the people.
Smart beta and exchange-traded funds represent another opportunity, although the strong position of low-cost bulk providers like BlackRock and Vanguard could deter Schroders from getting involved, given it has spurned the sector in the past.
Liechtenstein’s Prince Wenceslas to lead Dalton Strategic Partnership
Prince Wenceslas von Liechtenstein, a member of the tiny central European nation’s royal family, has become the new chief executive of London fund manager Dalton Strategic Partnership.
Von Liechtenstein joined the firm in July as a partner and director, with a brief described by the firm at the time as helping it to expand into new areas and develop new products.
Dalton, which was founded in 2002 by former Mercury Asset Management vice-chairman Andrew Dalton, manages $ 2.4 billion in Asian, European and global equities, as well as multi-asset funds. It employs 46 staff across London, Hong Kong and Tokyo, according to its website.
Von Liechtenstein, who is a nephew of Liechtenstein’s reigning Prince Hans-Adam II, is 12th in line to the throne. He is not unknown to celebrity gossip columns, following a relationship several years ago with Brazilian model Adriana Lima.
Principal Global’s London trading head exits $ 572bn manager
The head trader in London for US-based money manager Principal Global Investors has become the latest long-standing dealing executive to leave his buyside role.
Huw Gronow, who had been Principal’s head of equities trading for Europe and Asia since September 2004, is to leave the manager at the end of September, a spokeswoman confirmed.
Before joining Principal, Gronow was a trader at BlackRock where he specialised in UK equities. He has been a regular speaker on Europe’s trading conference circuit and was also involved with industry standards body FIX Global – he was co-chair of its investment manager subcommittee in Europe, the Middle East and Africa.
The spokeswoman said Gronow had “decided to pursue another opportunity”. She added the firm was hiring a replacement for his position.
Coben to run ECM at Bank of America Merrill Lynch
London-based Craig Coben, Bank of America’s co-head of global equity capital markets, has been named sole head of the group after his co-head Mary Ann Deignan announced she was leaving the bank to join Lazard.
Deignan will be part of the Lazard corporate preparedness team where she will be focused on activist and corporate governance advisory work.
No other changes at Bank of America are planned at this time, a bank spokesman said.
Coben and Deignan were named global equity capital markets co-heads in 2014.
Deignan rejoined Bank of America in 2011 as head of Americas equity capital markets after spending seven years at UBS Group AG, where she became head of America equity capital markets in 2007. Before that, she spent 11 years at Bank of America, where she worked in equity capital markets, syndicate and institutional sales before joining UBS.
CEO of Danish pension fund ATP resigns The chief executive of the Danish national pension scheme has stepped down from his post less than three months after appointing a new chief investment officer to the Dkr926 billion ($ 139 billion) fund.
Carsten Stendevad, a former Citi banker who joined ATP in April 2013, is to leave the fund for family reasons, a spokesman said. He is to return to the US, having come to his native Denmark to take up the role, ATP said.
The move comes after the appointment of Kasper Ahrndt Lorenzen as CIO in June. Lorenzen took over the role following the departure of Henrik Gade Jepsen, the former head of investments and a 17-year-long ATP staffer, who joined Danske Bank to expand its asset management and wealth business.
A statement from ATP said Stendevad had led key initiatives including redesigning its investment strategy to include portfolio construction, strengthening in-house investment capabilities and increasing a focus on direct investments.
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Abu Dhabi SWF hires ex-Citi transitions chief
The former global head of Citigroup’s transition management unit has re-emerged at the Abu Dhabi Investment Authority, as the world’s second largest sovereign wealth fund brings more of its assets and investment operations in-house. Steven Dalzell has joined the fund and moved from London to Abu Dhabi, according to the person familiar with the situation. Dalzell joins as head of transition management in the central dealing unit, a role in which he oversees securities transactions across all asset classes managed in-house, including equity, fixed income, foreign exchange and derivative portfolios. Dalzell will report to Salem Al Blooshi, executive director of the department. He left Citi in July after more than six years at the bank.
Alpha FMC recruits chief financial officer
Asset management consultancy Alpha FMC has recruited a new chief financial officer from an energy services company, according to a statement by the company. Adrian Keen, who was made CFO of Anesco in January 2015, takes up the same position at Alpha. Keen started his career as an auditor at KPMG, taking up finance roles at cybersecurity firm Sophos and nanotechnology company P2i, before joining Anesco in 2011.
AMP Capital grows infrastructure team
The Australian asset manager AMP Capital has hired a new principal to its London-based infrastructure equity team, according to a statement by the fund manager. Philip Pacey joins AMP’s global infrastructure platform. Pacey held senior roles at a number of transport companies, including Virgin Trains and Metronet Rail, before joining ESVAGT, an oil and gas services company half-owned by AMP. He will report to David Rees, AMP’s head of asset management Europe. The portfolio Pacey will be working with includes transport, energy, communications and utilities assets.
Citi hires top LSE salesman as Mifid II expert
Citigroup has hired a senior executive from the London Stock Exchange to lead its market structure division in Europe – the kind of role that has taken on a strategic importance for banks amid the regulatory overhaul of the region’s trading markets. James Baugh, who had been head of sales for both the LSE and Turquoise – the equity market the UK exchange group owns with major banks – will join Citi later this year as a director and head of European market structure, according to people familiar with the situation. He will work within the bank’s equities business, advising on regulatory changes such as the implementation of the revised Markets in Financial Instruments Directive, or Mifid II, and liquidity solutions, one person said.
Demica appoints technology chief
Demica, a trade finance securitisation and software company, has appointed a chief technology officer, according to a company spokeswoman. Daniel Kustrin takes on the role, which will include responsibility for Demica’s securitisation software that enables the financing of over $ 50 billion of trade credit. Kustrin joins Demica from Cardano Risk Management, where he was global head of technology. Earlier in his career, Kustrin spent a decade at Barclays in various technology positions. He will report to Demica chief executive Matt Wreford.
JP Morgan creates executive role to lead cloud services
JP Morgan is reaching further into the cloud, using the technology to cut costs and boost efficiencies. The largest US bank by assets named an executive who is tasked with running the bank’s cloud services, creating a position to oversee the technology, according to an internal bank memo reviewed by The Wall Street Journal. Harish Grama has joined the bank as chief information officer for cloud services. He previously worked at IBM, where he spent the last 20 years in different technology software development roles, including most recently head of software development for IBM’s cloud unit, according to the memo.
Kames recruits Standard Life bond fund manager
Kames Capital has hired a high-yield bond manager from rival UK asset manager Standard Life Investments, the firm has said in a statement. David Ennett becomes head of high yield. At Standard Life he was head of high yield and head of the higher income and European high-yield bond funds. At Kames, Ennett will co-manage two high-yield bond funds alongside Phil Milburn, based in London. Both fund managers will report to David Roberts, head of fixed income.
KKR names new head of southeast Asia operations
KKR is hiring Ashish Shastry – a top executive at southeast Asia-focused Northstar Group – to head its operations in the region, people with knowledge of the process said on August 23. KKR and other global private equity firms have been working to increase their presence in the region, which is seeing steady economic growth and providing opportunities for dealmaking in sectors ranging from consumer products to resources to financial institutions. Shastry, who is currently a managing partner at Northstar, will join KKR later this year, the people said. Shastry, who also worked as TPG’s head of southeast Asian business, joined Northstar in 2011. The people familiar with the matter said Choon Hong Tan and Sunata Tjiterosampurno, who currently are co-heads of investment at Northstar, were promoted to co-chief investment officers; they will also take over Shastry’s responsibilities.
Legg Mason hires country head for Australia Legg Mason Global Asset Management has hired a country head for its Australian operations. Andy Sowerby started as a country manager, based in Melbourne, in August, according to a statement by the company. The company has also promoted its client service and distribution support manager John Besley to the role of product management director. Besley reports into London, to Jaspal Sagger, Legg Mason’s head of international product.
Phoenix adds Mayall and Shott to board
Former Unilever pension scheme investment chief Wendy Mayall has become a non-executive director at Phoenix Group, the UK life assurer. Lazard investment banker Nicholas Shott and former Legal & General director John Pollock have also become non-executive directors, according to a Phoenix statement published on August 25. Mayall joined Unilever in 1996 and left in 2011. Following a stint at investment consultant Stamford Associates, Mayall became group investment chief at insurance company LV= in 2012, going on to develop its strategic relationship with Threadneedle Investments. She stepped down in 2014. Shott has been European vice-chairman at Lazard since 2007, having become a Lazard partner in 1997. Phoenix said it expected to draw on his experience in mergers and acquisitions to pursue acquisitions. Pollock is former chief executive of L&G Assurance Society.
Putnam Investments hires ex-Morgan Stanley exec
Putnam Investments, the $ 151 billion money manager, added veteran investment bank executive Gregory Fleming to its board of directors, people familiar with the matter said. The appointment marks Fleming’s reappearance in the financial services industry since his January departure from a senior leadership role at Morgan Stanley. He is currently serving as a senior research scholar at Yale Law School, where he is teaching this year. Fleming was an investment banker to money managers before ascending to senior roles at two of Wall Street’s most-storied firms, Merrill Lynch and Morgan Stanley. He stepped down as head of the latter’s wealth management business earlier this year amid signs he wasn’t in a position to succeed James Gorman as Morgan Stanley’s chairman and chief executive.
Schroders strengthens US fixed income team
Schroders has expanded its US operation, hiring a head of credit research, a portfolio manager and a credit trader. The listed UK asset manager brings in David Knutson as head of credit research, Eric Skelton as a senior credit trader and Chris Eger as a credit specialist portfolio manager. Knutson has worked at Legal & General Investment Management America since 2007, according to details on his LinkedIn profile. He previously worked for Mason Street Advisors and UBS. Skelton joins Schroders from Achievement Asset Management (formerly Peak6 Advisors). Eger comes to the £343.8 billion asset manager from JP Morgan, where he was an executive director. Knutson and Skelton will be based in New York, with Eger working from Chicago.
Terra Firma dealmaker departs after 20 years
One of the longest-serving dealmakers at Terra Firma Capital Partners, who has spent 20 years with the firm, has stepped down. Financial managing director Julie Williamson has decided to leave, according to a spokeswoman, having been involved in a number of Terra Firma’s most high-profile deals over the years. Williamson focused on investments in the hospitality and leisure sectors and also sat on the boards of European cinema groups Odeon and UCl, and Wyevale Garden Centres. Prior to joining Terra Firma, she worked at the Japanese bank Nomura.
T Rowe Price adds consultant relations manager
T Rowe Price has hired Nicola Fox as a consultant relations manager, reporting to Nick Slater, head of consultant relations for Europe, the Middle East and Africa. Fox has previously held consultant relations and client relationship roles at AllianceBernstein and Morley Fund Management. In her new role she will work alongside Luke Selway, consultant relations manager at T Rowe Price.