Veritas corporate reorganisation to create two distinct businesses
Veritas Asset Management (UK) and its parent The Real Return Group, which currently manage GBP8.5bn across a range of products, have announced a corporate reorganisation that will create two distinct limited liability partnerships.
The Veritas Private Client business will be re-named Veritas Investment Management, while the funds and institutional business will retain the name Veritas Asset Management.
Since 2008, Veritas has grown its funds and institutional business from less than GBP1bn to GBP7.5bn today. These assets are managed across its global and Asian strategies. Veritas Asset Management will be led by four principals: Charles Richardson (fund manager and chairman), Andy Headley (fund manager), Ezra Sun (fund manager), and Richard Grant (COO).
Veritas Investment Management, which earlier this year hit the milestone of GBP1bn of assets under management, will be led by Mark Rayward, who has been head of UK private clients at Veritas since April 2010. Stewart Newton will become chairman of Veritas Investment Management and Anthony Rosenfelder will continue with his role as chairman of the international private client business - Veritas AG (Zurich).
The reorganisation will enable the two businesses to focus on their respective client needs, while managing growth and dealing with different regulatory requirements and strategic objectives. Both businesses will also retain their investment approach and partnership-led culture.
Charles Richardson (pictured), chairman of Veritas Asset Management, says: “From the start, our business has been aligned with our clients’ needs and interests. We are an investment boutique and the essence of our boutique is based on the pillars of investment specialism, simplicity and a clear focus. The reorganisation will enable us to grow, provide the environment in which our people can excel, continue to deliver outstanding investment performance for our clients, and crucially, allow us to remain true to our founding principles.”
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