Newton Investment, Lombard Risk and Kames Capital also have People Moves items.
Miller Acquires LMM from Legg Mason
Noted fund manager Bill Miller is leaving asset manager Legg Mason via an agreement in which Miller will acquire all of Legg Mason’s interests in LMM LLC (LMM), according to Legg Mason officials. Miller’s successful stockpicking run during the 1990’s helped raise the profile of Legg Mason.
The agreement will result in Miller, together with companies he controls, owning 100 percent of LMM, officials say.
“LMM provides investment management services to Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies,” Legg Mason officials say. “There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction.”
A registered investment advisor founded in 1999, LMM has a long-term, value-driven investment approach, officials say. Based in Baltimore, Md., LMM has $1.8 billion in assets under management (AUM) as of July 31, 2016.
“This transaction affirms my ongoing commitment to managing our funds and to our investors,” says Miller, chief investment officer of LMM, in a prepared statement. “I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management. I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way,” he adds.
“Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions,” says Joseph A. Sullivan, chairman and CEO of Legg Mason, in a statement. “We wish Bill and his team continued success in the future. Today’s announcement is consistent with Legg Mason’s strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution.”
Officials did not disclose the terms of the transaction, which is expected to close by the end of this year, subject to customary conditions and regulatory approvals.
Legg Mason has $757 billion in AUM as of July 31, 2016, officials say.
Newton Investment Names CEO Designate
Hanneke Smits, CEO, Newton Investment Management
Newton Investment Management, a part of BNY Mellon Investment Management, reports that Helena Morrissey is stepping down after 15 years as CEO, and that Hanneke Smits has been named the CEO designate.
Smits, based in London, joins the board of the directors, while Morrissey now becomes the board’s non-executive chair and will “continue to serve as an adviser to Newton and will represent Newton and BNY Mellon Investment Management within the financial services sector,” according to a Newton statement.
Smits’ career spans more than two decades in financial services, most recently serving as chief investment officer of Adams Street Partners and a member of that firm’s executive committee, according to the statement, which notes also that she will be “actively involved in managing Newton’s business and focus on expanding its presence in key growth markets.”
Newton reports assets under management of £51.8 billion ($68.1 billion) as of June 30, 2016, including assets managed by Newton Investment Management Ltd. as dual officers of Newton Investment Management (North America) Ltd. and The Bank of New York Mellon.
Lombard Risk Appoints Asia-Pacific Product Head
Lombard Risk Management plc, a provider of integrated collateral management, regulatory compliance and reporting solutions for the financial services industry, has appointed Tracey Adams Asia-Pacific regional head of its collateral management, clearing, inventory management and optimization solution, called Colline. The position has been newly created, Lombard says.
Colline “enables firms to move away from managing collateral in business line silos by supporting multiple asset types on a single, web-based platform,” according to a Lombard statement, which notes also that a “single platform results in more efficient collateral management, enables collateral optimization, and provides users with the capability to manage liquidity and trading book capital.”
Adams joins from the FIS/SunGard Financial Systems unit, where she was a senior sales and account executive for collateral and securities finance, according to the statement.
“In this role she was a key stakeholder in the creation and implementation of the FIS Collateral Management sales strategy in the EMEA region,” officials say. Prior to this, Adams spent nine years on the investment banking side of the industry, and her last position was vice president of the transactional client service team in Europe for the Barclays’ clearing broker business.
Kames Capital Reports Two New Euro Hires
Kames Capital has hired Martin Weiss as business development manager within the firm’s European wholesale distribution group and Robin Black as an investment manager within the firm’s Edinburgh-based equities group.
Weiss, a native German speaker, will be responsible for accounts in Germany, “including wealth managers, financial advisers, fund-of-funds, family offices, fund platforms and banks,” according to a Kames statement, and will report to Richard Dixon, head of Kames’ continental European wholesale.
Black, a financial services veteran, will be “responsible for augmenting the team managing global equity mandates, with a particular focus on Japan,” and will report to Stephen Adams, head of equities, according to the statement.
Weiss joins from Pioneer Investments, where he was a client and sales relationship manager, “responsible for German, Austrian and Italian clients and prospects, according to Kames. “Prior to this, Weiss held client relations roles at Legal & General Investment Management and Hermes Fund Managers.”
Black joins from Macquarie, where he was a managing director in the company’s Hong Kong division, “responsible for global sales of Pan Asian equities. Prior to Macquarie, Black was managing director — head of Asian and Japanese sales into North America at Deutsche Bank, based in New York. Black has also held roles at Citigroup and Merrill Lynch as a director in Japanese equity sales, and at Martin Currie where he was an investment manager.”
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