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.
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