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Wealth Manager Top 100 2017: the penultimate 25 forces

The next 25 to make our annual study into the most influential people in fund selection across the private client industry.

Top 100

Welcome to Wealth Manager’s sixth annual Top 100, our guide to the leading fund buyers across the private client world. Once more we have drilled down into the sector to identify the key individuals powering fund selection across wealth management.

All of the companies featured this year allocate over £1 billion apiece into collectives and we are able to provide unique insight into both the size and composition of their buy lists and how they have changed over the year.

There are 24 new faces in the Top 100, reflecting both consolidation and the emergence of young talent coming through the ranks.

We will be revealing the list in alphabetical order in four parts. After revealing the first 25 earlier in the week, we introduce numbers 51-75.

Top 100

Welcome to Wealth Manager’s sixth annual Top 100, our guide to the leading fund buyers across the private client world. Once more we have drilled down into the sector to identify the key individuals powering fund selection across wealth management.

All of the companies featured this year allocate over £1 billion apiece into collectives and we are able to provide unique insight into both the size and composition of their buy lists and how they have changed over the year.

There are 24 new faces in the Top 100, reflecting both consolidation and the emergence of young talent coming through the ranks.

We will be revealing the list in alphabetical order in four parts. After revealing the first 25 earlier in the week, we introduce numbers 51-75.

Bo Huang

Tilney

Bo Huang is a portfolio manager at Tilney, where she oversees over £6 billion in funds under advice across equities, alternatives, alternative Ucits and mixed assets in Asia. While this is no small task, she is also part of the Tilney investment committee and contributes to its model portfolios.

Where investments are involved, Huang is a stickler for in-depth analysis and decision making based on sound evidence. In a similar vein, she has grown weary of industry professionals voicing investment opinions that are based primarily on gut feelings.

Huang believes Tilney receives good value for money with regards to annual management charges, but nonetheless expects them to fall due to the rise of passive and smart beta funds.

Lynn Hutchinson

Charles Stanley

A senior analyst focusing on passive investments, Lynn Hutchinson started out at Cantrade, which subsequently became Sarasin Chiswell, in 1992, before moving to Evercore Pan Asset in 2006.

She says that back in those days when the exchanged traded fund (ETF) market in Europe was small, the firm was involved in a number of new product launches.

Pan Asset was acquired by Charles Stanley in 2013, where Hutchinson now oversees the firm’s passive investment buy list.

The ETF market has developed considerably since her early days, which is underlined by some of the more specialist products that Hutchinson has been adding to the company’s ETF buy list. Around 15% of Charles Stanley’s £24 billion of assets under management is held in passive strategies.

She cites ETF Securities’ Robotics & Automation ETF, which launched in 2014, as her best investment call this year (see graph), with a US financials sector ETF, the latest addition to the buy list.

When selecting a passive vehicle, she says that ensuring it has an ‘appropriate index and a good number of market makers involved in the product to keep trading spreads narrow’ is essential, adding that the product being from ‘a well-known provider always helps when being involved in seeding the launch’.

In terms of pricing points around ETFs, Hutchinson says: ‘I do feel the passive market is good value for money in the majority of products.’

Luke Hyde-Smith

Waverton Investment Management

As head of third party fund selection at Waverton Investment Management, Luke Hyde-Smith analyses a broad range of investments across Europe, Asia, the US, Latin America, Japan and the rest of the world.

Having joined Waverton in February 2017, Hyde-Smith presently manages £150 million of the firm’s £5.2 billion in funds under management. He feels that his best investment decision this year was to increase active exposure, having previously given a higher weighting to passive strategies. He is also happy with his decision to remain overweight emerging markets, and to increase investment exposure to technology.

Waverton seeds funds, and when doing so, Hyde-Smith prefers to invest in funds run by a manager with an exemplary track record, who is not simply gathering assets. He also seeks owner-managed investment firms, on the basis that this will provide a closer alignment of interests.

Tom Jemmett

Brewin Dolphin

As a fund analyst, it’s perhaps no coincidence that Tom Jemmett’s top investment gripe is the same as his top personal pet peeve – lack of skin in the game, or fund managers pitching a fund with no personal investment in it.

Responsible for UK equity and sector focused collective investment recommendations at Brewin Dolphin, Jemmett has spent a number of years in analyst positions. He joined the company in 2008 and prior to this, he was a performance and risk analyst at Russell/Mellon Analytical Solutions (formerly CAPS). Jemmett previously worked at BlackRock in the risk and quantitative analyst team and has successfully obtained his IMC qualification.

Jemmett’s best recent investment call has been moving from the US into Europe early in the year.

Chady Jouni

Barclays Wealth & Investment Management

It has been a year of conviction for the multi-manager team at Barclays Wealth & Investment Management. Chady Jouni says: ‘The fund list has been reduced to focus on the best ideas.’ The latest fund to be added to the firm’s buy list was Invesco Perpetual European Equites. He names Hermes’ Jonathan Pines as his hidden gem fund manager.

Jouni is head of equity research for third party funds whilst also fulfilling the role of senior portfolio manager. He runs the Asia, Emerging Markets and European Equities Global Access funds and also co-manages the bank’s multi-asset fund range.

Jouni’s career kicked off at Bfinance as a fund analyst, selecting funds for UK and European institutional clients. Following this he had a stint at Barings’ multi-asset team overseeing equity multi-manager funds.

Ernst Knacke

Quilter Cheviot

Having spent the first years of his career as an analyst at investment banks including Morgan Stanley and Goldman Sachs, Ernst Knacke joined Quilter Cheviot’s collectives research team following the integration of the company into Old Mutual Wealth. Previously he had been part of the multi-asset team at Old Mutual Global Investors for eight years.

Knacke, who dislikes diversification just for the sake of it, says his best investment call in the past year was increasing exposure to growth equities in late 2016 and early 2017.

While he believes he is currently getting good value for money, paying 0.75% and 0.40% average AMCs for active equity and bond funds respectively, he expects this rate to fall overall. This, he says, will be due to the ease of access to capital markets, pressure from passives and the continued presence of below average funds in the market.

Alena Kosava

Tilney

A St Petersburg native, Alena Kosava moved to London 15 years ago to study at the University of Westminster. Twelve years, a first class honours degree in business management and finance, a distinction masters in investment and quant finance, and a CFA later she joined Tilney Group, where she is now a director on its central investment team.

Of the firm’s £23 billion assets under management, Kosava oversees £7 billion, focusing on equities and alternatives. Given that size, Kosava says she is looking to reduce the overall level of fees for fund charges, which she does not believe are good value for money – the average annual management charge paid for equity funds is 0.75%.

To help achieve this, Tilney is reducing its buy list following a number of acquisitions in 2016, including the purchase of Towry.

Ben Kumar

Seven Investment Management

Ben Kumar was the first graduate Seven Investment Management (7IM) ever hired, after proving himself during a work experience placement at the company. Kumar graduated from University of Bristol with a BSc in mathematics and philosophy. He joined 7IM in 2010 and works on its multi-manager range of funds. He also assists senior investment manager Peter Sleep on exchange-traded funds and passives.

In a previous interview with Wealth Manager, when asked why he went into investment management following a degree in philosophy, Kumar said: ‘I like trying to solve things that don’t necessarily have an answer – something that comes from my background in philosophy,’ while also admitting that he always suspected he would go into finance in some way or another.

A CFA charterholder, and a keen amateur hockey player, Kumar is also a regular commentator on Reuters, Bloomberg and the BBC.

Eric Louw

Standard Life Wealth

Eric Louw dislikes the scramble for faddy products based on short-term trends just as much as he dislikes the scramble for overhead luggage space on a short haul flight.

The Standard Life Wealth senior investment manager oversees £3 billion of the firm’s £6.8 billion assets under advice, analysing funds across equities, bonds and property worldwide. He covers actively managed unitised funds, in which 95% of the firm’s assets under management are allocated. The most recent addition to his buy list is Neuberger Berman Emerging Market Debt Local Currency.

Joining Standard Life Wealth in 2007 when the business was set up, Louw says his role within the company has grown to include responsibility for running target return portfolios for private clients and leading the target return managed portfolio service. He is also a member of the firm’s investment committee.

Jim Mackie

Brooks Macdonald Asset Management

As part of a team managing around 10% of Brooks Macdonald’s total assets under management, investment director Jim Mackie covers UK and European equities and is an advocate of boutique fund houses. He believes this is a prime opportunity to ‘tap into their specialist capabilities and allow for greater operational risk diversification’.

Mackie has not seen any significant changes in the economic backdrop over the last year to prompt major changes to the buy list and he puts this down to being long term investors. However, he has made certain asset allocation moves and is averse to selling purely down to the hard or soft closure of a fund.

He has been at Brooks Macdonald since 2014, co-manging the managed portfolio service and multi-asset fund range. With almost 20 years’ financial services experience, Mackie is also a chartered member of the Charted Institute for Securities & Investment.

Reshma Moloo

Citi Private Bank

Reshma Moloo has worked all over the world with her finance career starting at Frank Russell Company, where she was a technical analyst within the firm’s manager research team based in Sydney, Australia for two years between 1999 and 2000. A graduate of Macquarie University in Sydney, where she obtained a masters in applied finance in economics and investments, Moloo moved from Frank Russell to ING US Financial Services’ Los Angeles office. She spent six years there working as a senior investment analyst within its manager research team.

She joined Citi Private Bank’s global managed investments team in September 2010 where she now serves as a senior manager research analyst and sits on its investment committee. At the private bank, she is responsible for equity and alternative investment fund manager selection.

Alex Marshall-Tate

Citi Private Bank

Alex Marshall-Tate wears a number of hats at Citi Private Bank EMEA, where he is head of traditional investments research, a senior research analyst and strategy head for alternative mutual funds.

In his role running the traditional investments research team, he is responsible for overseeing third party manager research and selection for both the bank’s open architecture advisory fund platform and its discretionary proposition. This involves monitoring and evolving Citi’s 303-strong fund buy list, which comprises 285 actively managed unitised funds and 18 alternative Ucits vehicles.

Marshall-Tate has now been at Citi for 11 years, joining in 2006 from Morgan Stanley, where he initially worked as a manager research analyst, before becoming a portfolio manager within Morgan Stanley Private Wealth Management’s discretionary multi-manager team.

Looking forward, he expects active management fees to continue to fall as we move into a lower return environment at a time of increased competition from passive strategies.

James McDaid

GAM

After spending five years at GAM as an investment manager and a member of its Multi Asset Class Solutions team, James McDaid now personally runs assets of £1.1 billion. Prior to joining the company, he worked as an investment manager at Quilter, where he managed private client portfolios.

Over the last 12 months, he says that the firm’s buy list has evolved to encompass a wider range of funds in all asset classes. As a result, while actively managed unitised funds make up over 100 products on the buy list, it now also features ETFs, smart beta products, alternative Ucits and alternatives.

The most recent addition to the buy list has been the RWC Global Emerging Markets fund and he says emerging markets in general have been his best investment call this year.

James McGuire

UBS

James McGuire is an executive director at UBS, covering actively managed unitised funds across the globe. He entered the industry in 1984, joining UBS in 1999. In his current role, his analysis covers equities and bonds.

McGuire would like to see the fund industry devote more time to defining investment strategies, and accordingly use benchmarks that are more relevant. In line with this, he insists that value equity managers should use a value benchmark, if available, when making performance comparisons. He thinks that the arrival of Mifid II provides even greater reason for fund managers to be in tune with client suitability requirements.

As part of his role, McGuire also sits on UBS’s investment committee. At the end of 2016, the firm had £1.5 trillion in assets under management.

Will McIntosh-Whyte

Rathbones

At Rathbones, Will McIntosh-Whyte is an assistant multi-asset fund manager and has responsibility for £700 million in assets under management. Aside from a brief spell working for shipping finance company Theisen Securities as a researcher, McIntosh-Whyte has spent almost his entire career at Rathbones, joining in April 2007 after graduating from the University of Manchester Institute of Science and Technology in 2006.

One of the funds he co-manages is the £312 million Rathbone Multi-Asset Strategic Growth Portfolio, alongside Citywire AAA-rated David Coombs.

Rathbones recently launched a managed portfolio service for clients of financial advisers, which invests in the multi-asset funds run by McIntosh-Whyte and Coombs.

He is a CFA charterholder and chairs Rathbones’ managed funds and fixed income committee. He adds that his biggest investment gripe is confirmation bias.

Nicolas Moussavi

Lyxor Asset Management

More than a decade after kick-starting his career, Nicolas Moussavi is now Lyxor’s head of mutual fund research, with €30.5 billion (£28.1 billion) in assets under advice. He joined the firm as a senior fund analyst and portfolio manager in 2009, and was promoted to his current position in 2014. He had previously spent more than four years at SGAM Alternative Investments where he was in charge of selecting and analysing underlying funds for structured products.

The vast majority of positions in Lyxor’s 200-strong buy list are in actively managed funds. Moussavi says the good value for money he is getting for active fund charges is down to the team’s selection process.

‘We consider it acceptable for a standard European equities fund to charge fees of 60bps to 80bps and for small boutiques with proven track records of adding value over time to charge higher fees.’

Shakhista Mukhamedova

Brewin Dolphin

Since joining Brewin Dolphin in 2010, research analyst Shakhista Mukhamedova has constantly been expanding the areas she covers. Initially covering structured products, she soon extended this to include passives and index plus investments. She now covers even more – incorporating the whole range of fixed income and property funds into her research realm. Alongside this, she also evaluates individual bonds.

With £39.2 billion assets under management and over 200 funds on Brewin Dolphin’s buy list, Mukhamedova no doubt stays busy. This buy list is gradually expanding, and the firm has increased exposure to alternatives and the absolute return sector.

When it comes to seeding funds, she will happily consider this if she has conviction in the manager’s ability to deliver consistent outperformance and satisfaction of certain requirements.

Simon Nicholas

Brown Shipley

Simon Nicholas has a wealth of experience up his sleeve, following a number of years at Aberdeen Asset Management and Cazenove Fund Management prior to joining Brown Shipley in 2010.

This has put him in fine stead to lead the management of Brown Shipley’s five multi-asset funds. In 2015, senior fund manager Nicholas was also appointed to manage parent company KBL’s Key Fund North America.

Nicholas is responsible for third party fund selection at Brown Shipley and sits on its asset allocation committee at a local UK level. Within this, his hidden gem is DNCA Invest Miura, a long/short absolute return fund.

The Royal London Ethical Bond fund makes the cut as the most recent addition to his buy list, with Nicholas quoting client feedback as the reason for implementing ESG criteria into his investment process.

Georgios Nikolaou

Thomas Miller Investment

Georgios Nikolaou joined Thomas Miller Investment in 2015 from Generation Partners where he had previously worked as a portfolio analyst. The investment analyst focuses particularly on research in the alternatives sector in the UK, Europe and the US, in which he has 60 products on his buy list and seven alternative Ucits funds.

This list has extended by 15 names over the past 12 months, including the addition of RAM Lux Systematic Funds – Long/Short Global Equities. When considering funds such as these, Nikolaou says he avoids people who use excessive jargon or sales speak when trying to sell their products.

Nikolaou has a finance and investment MSc from the University of Durham, an economics BSc from the University of Athens and is a CFA charterholder.

Ashley Northgrave

Butterfield Bank

Citing being overweight in healthcare sectors as his best investment call this year, Ashley Northgrave also argues that certain geographic areas are better for active management, in particular Europe and emerging markets.

With a varied history to support him, Northgrave joined Butterfield Bank in 2016. He has 20 years’ experience across the wider industry, from investment banking to fund management and private banking. He started specialising in investment management in 2005. At Butterfield, he dedicates his time to active discretionary management, and covers equities and bonds plus passive ETFs and active equity funds. Northgrave manages £150 million in assets personally.

Butterfield’s buy list has evolved over the last 12 months through the addition of US small and mid cap strategies, with Northgrave revealing the Hermes US Small and Midcap fund as the most recent addition.

Prior to joining Butterfield, Northgrave was a board director at RBC Investments and RBC Offshore Fund Managers.

Justin Oliver

Canaccord Genuity Wealth Management

Now almost a veteran, Justin Oliver has been at Canaccord Genuity for 17 years. As deputy chief investment officer, he gives direct assistance to the chief investment officer Michel Perera, who was recruited from JP Morgan in February.

Oliver’s responsibilities include contributing to the investment philosophy, process and methodology, and acting as an alternate to the CIO. He is also chairman of the portfolio construction committee. In addition, he sits on the asset allocation and fund selection committees and manages a number of Canaccord Genuity’s Select range of funds.

Oliver joined the company in 2000 from Kleinwort Benson, where he established its fund of funds investment service.

Canaccord Genuity currently has £15.3 billion in assets under management, according to its results for the quarter to 30 June, and the acquisition of Hargreave Hale is expected to take this up to £23 billion.

Rob Oliver

JP Morgan

Rob Oliver joined JP Morgan as part of the firm’s graduate scheme during the financial crisis in 2008. Since then, he has moved across to JP Morgan’s private bank, spending three years within its international funds product management team, prior to joining the manager selection team, and becoming a vice president in July 2012.

Currently based in London, Oliver’s remit extends from covering UK equity funds through to alternative Ucits, passive investments and physical property. The area Oliver also covers stretches globally, giving him an incredibly wide investment universe.

Oliver holds a degree in economics, finance and banking from the University of Portsmouth, certificates in financial derivatives and securities from the Chartered Institute for Securities & Investment, and is partway through studying to become a CFA charterholder.

Edward Park

Brooks Macdonald AM

Edward Park joined Brooks Macdonald as a trainee investment manager in 2009 after graduating from Oxford University. After promptly qualifying as an investment manager, he rose through the ranks and increasingly started working on the firm’s centralised investment proposition, joining the investment committee alongside maintaining his private client relationships.

Park says that sustaining client relationships is ‘essential’ in making sure the investment philosophy really caters to the end client; he personally manages £88 million of the firm’s assets under management.

He explains how automated systems and processes across the firm helps free the team up to focus on qualitative research and client service, alongside allowing them to vastly increase the investment universe they can monitor. If your fund has had a poor run of performance though, make sure you communicate any strategy changes appropriately – insufficiently communicated changes are his biggest investment bugbear.

Stacey Parrinder-Johnson

Investec Wealth & Investment

Stacy Parrinder-Johnson started her investment career 12 years ago when she joined Investec’s fund management team in Leeds. Before that she held a variety of roles across business management projects in the UK and France, even working at a European political advocacy group at one point. After her stint in Leeds, she packed her bags once again and moved to London to join the research team as a fund selection specialist in July 2013.

The majority of the firm’s buy list is in actively managed unitised funds, some 223 products, while there is only a single passively managed fund and a solitary smart beta product.

However, over the last 12 months, Parrinder-Johnson says the number of alternative strategies has increased, while the most recent addition has been the Neuberger Berman Uncorrelated Strategies fund. Her hidden gem is the RobecoSAM Smart Materials fund.

Michael Paul

Brewin Dolphin

Cyclists be told – Michael Paul’s pet peeve is those who do not obey the rules of the road. And speaking of rules, he is also not keen on the common investment perception about bonds being in a bubble.

‘They might be expensive, but bubbles are characterised by investors being enthusiastic on the asset, overweight it, and have the belief that the high returns will continue indefinitely; everyone hates bonds, no one is overweight, and they are priced in terms of their yield (which we know is very low)’, Paul explains.

Paul is responsible for Asian, Japanese and absolute return investment recommendations at Brewin Dolphin, as well as managing structured product research. He joined the company in 2014 as a fund analyst, following time as an investment manager at City Asset Management. Prior to this, he studied economics at the University of Bath. He is also a CFA charterholder and has completed the IMC.

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