Rathbones has appointed two co-chief investment officers after the retirement of Julian Chillingworth.
Elizabeth Savage and Edward Smith, currently head of research and head of asset allocation research respectively, will work with Chillingworth until he retires in early 2022.
The pair will head up the newly-formed “CIO office”, reporting to Rathbone Investment Management’s managing director, Ivo Darnley.
The firm added it would soon announce a chief investment officer for Rathbone Unit Trust Management.
Chillingworth spent 20 years at Rathbones and has over 40 years’ experience in the industry.
Paul Stockton, chief executive at Rathbones, said: “There will be many chances to thank Julian over the coming months, but I would like to take this early opportunity to recognise his significant contribution to Rathbones over the past 20 years.
“During that time, global markets have changed almost beyond recognition, and Julian has played an enormous part in steering us through both calm and turbulent waters. Our warmest wishes go to him for a long and happy retirement."
He added a robust and dynamic investment process was critical to Rathbones.
“We are very fortunate to have the individuals who have played a crucial role in the development of our in-house research and strategic asset allocation skills, with the capability to step-up and lead us into the future.”
The news comes amid a period of growth for the firm.
In June Rathbones agreed to buy advice firm Saunderson House for £150m, a move that added £4.7bn to its assets under management and accelerated consolidation in the advice space.
The deal saw Rathbones’ in-house financial planner numbers increase from 25 to 80, as well as adding around 2,200 clients with an average portfolio size of £2.2m.
The acquisition left it with a £60m cash pile which can be used for future acquisitions, according to chief executive Paul Stockton.
On June 24 the company’s chief financial officer Jennifer Mathias told FTAdviser there was a surplus cash “cushion” of £60m if the company wanted to do more deals, with Stockton saying the company was "looking to grow, but it is not just about buying anything that comes up.”
sally.hickey@ft.com
