Former Gerrard portfolio manager David Bulteel has been appointed to spearhead expansion plans of private client investment manager Carr Sheppards Crosthwaite.
Bulteel resigned from Gerrard, with three members of the international portfolio management team, in February. John Barkhan, Nik Kidd and Philip Osborn will all join CSC to build the international division.
The four will join CSC this month and are to be joined by three managers, all on gardening leave from Gerrard.
CSC chief executive Fred Carr says: “Most of CSC's international clients have been sterling-biased with strong UK connections but over the last 18 months we have had an increasing flow of international introductions from our parent Inves-tec and we have significantly strengthened our international buy-side research capability.”
The FSA plans to redefine the concept of policyholders' reasonable expectations as part of its ongoing inquiry into with-profits-based products.
Speaking at the Money Marketing IFA UK Conference in London last week, FSA head of department, investment business division (PIA firms) John Liver said: “We at the FSA think there is a need for a greater definition of the meaning of policyholders' reasonable expectations which underpins the with-profits proposition.
“We will review with-profits but we are not saying with-profits has no place. We see smoothing having a place in the future.”
The FSA inquiry is also looking at how life offices exercise discretion under the definition, the transparency of that discretion and the clarity of information consumers receive.
Troy French and Partners partner Peter French says: “Consumer confidence has been shaken to the foundations by the revelation that Equitable Life was not properly regulated. There has got to be a clearer definition of the assessment of with-profits to ensure assets are sufficient to cover liabilities.”
In the conference debate, industry representatives and IFAs argued that not enough was being done to ensure company human resources departments and finance directors did not give stakeholder advice.
LIA public affairs manager John Ellis said: “When an employee says to his employer 'should I get this pension?', there is a chance he will be wrongly advised. This is a very difficult area to police. When people come to retire and they are not happy with what they have, they will be looking for somebody to sue.”