Newton deputy CEO joins ex-colleagues at Veritas
The deputy chief executive of £35bn (€39bn) funds house Newton Investment Management has left to join Veritas Asset Management, the London-based funds boutique that already houses of a number of former Newton executives.
Mark Rayward will be responsible for the UK private client division at Veritas, according to a statement from the group today. Stewart Newton, who founded Newton Investment Management, is already a director in the division.
Rayward had responsibility for private clients and charities at Newton. He joined the company in 1986, working alongside Stewart Newton and Charles Richardson, the chief executive officer of Veritas, who was formerly a chief investment officer at Newton.
Rayward, who left the company this week, will join Veritas in April next year after a period of gardening leave. The 16-year old private client business of Veritas manages over £500m (€554.27m) of client assets, according to the company.
A spokesman for Newton, which was named equity manager of the year at the Financial News Awards for Excellence in Institutional Asset Management Europe earlier this month, said that the company will not directly replace Rayward.
Jamie Korner, in charge of the charities division, will report directly to chief executive Helena Morrissey. The private client division is subject to restructuring, a spokesman said, but the details are yet to be decided.
Founded in 1993, Veritas manages £2bn of assets for institutional investors, in addition to charities and private clients.
--write to pcraig@efinancialnews.com
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