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Edram shifts teams from London in UK retreat

Edram shifts teams from London in UK retreat

Edmond de Rothschild Asset Management (Edram) is to shift investment capabilities away from its London office, part of a shift away from the UK retail market which has also seen head of UK wholesale Dan Lee depart.

Investment Adviser understands the firm is to move London-based investment teams to Paris, Geneva and Luxembourg as part of the restructure, signalling a change in its business strategy.

Investment teams covering infrastructure debt and the firm's fund of hedge funds offering will remain in the UK, though these offerings are aimed at institutional clients.

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The move follows a year of meagre fund flows for the active management industry, and comes amid growing uncertainty over asset managers' ability to conduct cross-border business in light of the UK's decision to leave the EU. 

Edram declined to comment on the overhaul.

Mr Lee, a former Allianz GI sales head who joined Edram towards the end of 2015, is understood to be leaving the company as a result of the changes.

Having opened its London office in 2012, in February 2016 Edram announced plans to push its Luxembourg-domiciled funds to UK investors. Mr Lee was hired to oversee this strategy. The firm made 20 funds available, including a newly launched UK Synergy equity fund aimed at capitalising on merger and acquisition activity.

At the time, Edram deputy chief executive Guillaume Poli said the move represented a "key milestone" in its expansion into a "crucial market".

"The availability of our main strategies in a fund format is an important milestone that will allow us to raise our profile with a broader audience," he said.