UK - Beleaguered investment house Edinburgh Fund Managers (EFM) has hired a new chief investment officer.
EFM has poached Anne Richards from Merrill Lynch Investment Managers (MLIM) for the position which has been sitting vacant since the departure of Mike Balfour in October last year.
Richards is currently managing director of MLIM’s alpha team overlooking assets for institutional clients, and will join EFM in the summer. She has also worked at Alliance Capital and JP Morgan.
Richards’ job is certainly a tough one; Balfour’s departure followed a protracted period of underperformance. His responsibilities were carried out in the interim by the firm's investment advisory board, chaired by CEO Iain Watt.
A takeover of Edinburgh Fund Managers (EFM) by Hermes Pensions Management broke down in March when the £1bn Edinburgh Investment Trust threatened to quit as a client if ownership changed.
By Madhu Kalia
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.