The UK’s second largest fund hosting business Fund Partners has seen its chief executive Peter Hugh Smith leave the firm.
The group said Mr Hugh Smith was “moving on to pastures new” and head been key in its recent growth.
“Peter has been a great asset to us over the past two years as we have grown through acquisition to become second in size in the UK fund hosting sector,” chairman Paul Wilcox said.
“Peter has worked tirelessly through this very active growth period. Whilst sorry to see him go we wish him well in his career and thank him for his hard work during his period with us.”
Charles Garthwaite, the former chief risk officer at Aegon UK, will now run Fund Partners, the trading name used for the merged Way Fund Managers and Fund Partners business.
It bought International Financial Data Services’ (IFDS) authorised corporate director (ACD) subsidiary as part of major expansion plans in January last year.
IFDS carries out ACD functions for groups including Apollo Multi Asset Management, Argonaut Capital, Distinction Asset Management, Octopus Investments and Russell Investments.
Furthermore, Invesco Perpetual announced plans to outsource its administration to IFDSin 2012, while Jupiter closed an office in 2010 in a move to outsource its administration to IFDS.
