IRELAND - Four of Bank of Ireland Asset Management's (BIAM) asset management team have left the company to join a newly established Irish subsidiary of Perpetual Trustees Australia.
Deputy chief investment officers John Nolan and Des Sullivan and senior equity managers Richard Kelly and John Forde resigned from BIAM after being headhunted by Perpetual for its new global equities business, domiciled in Dublin.
The four specialists will form the foundation of Perpetual’s global equities team, comprising 16 members within the first two months of operation, Perpetual said.
In response to the departures, BIAM, which has e55bn funds under management, has appointed its current director Leona Nicholson (pictured), deputy chief investment officer.
Chief investment officer Chris Reilly will take direct responsibility for BIAM’s global product and deputy chief investment officer Jane Neill will continue in her role as head of BIAM’s balanced product.
“While it is always regrettable to see colleagues depart, BIAM is uniquely positioned in the strength of its brand, its excellent global reputation and the tremendous strength in depth of its 21 strong asset management team,” said BIAM chair Denis Donovan (pictured).
“I am confident that BIAM will continue to grow and deliver the professional and quality investment approach to our customers that has always been our hallmark.”
BIAM spokesperson Bernadette Godley said the new appointments were designed to “bridge the gap”.
“We also plan to make some additional hirings in the short term so we will be strengthening up the team even further in the short term,” she said.
Perpetual managing director David Deverall said the move would broaden the company’s “asset management footprint”.
“We are committed to fully developing this business and to taking advantage of the developing trend of global institutional clients to award mandates to specialist global equities managers,” he said.
The appointment of the new team was the result of an eight-month intensive global search conducted with the assistance of New York-based funds management recruitment specialist Warren International, Perpetual said. Fidelity Investments, which has managed Perpetual’s global equities for the last six years, will continue in its role until the new business is fully operational in early 2005.
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