Cavendish Asset Management has swiped its Investec Wealth & Investment stock broker for an in-house role to ensure best practice for trade execution ahead of Mifid II.
Nick Burchett has worked with Cavendish UK equities fund manager Paul Mumford for two decades as head of dealing for Investec. He now becomes Cavendish’s manager of UK equities.
The boutique asset manager says Burchett already has intimate knowledge of the TM Cavendish AIM and TM Opportunities portfolios. It also says the hire will drive down execution costs and ensuring best practice ahead of Mifid II.
Mumford says Burchett’s advice on timing and execution over the years has been critical to the long-term success of my funds. “I have a keen eye for the difference between good and bad recommendations. More than any other broker I’ve worked with, Nick knows what he’s doing,” says Mumford.
He adds bringing the role in-house will give Cavendish better access to market makers, to liquidity, and to the companies it invests in. “I have been continually impressed by his knowledge and understanding on the companies I hold.”
Burchett says he sees eye to eye with Mumford on the fundamentals of investment, such as the importance of a “bold contra-cyclical” approach.
“As well as better suiting the new regulatory and cost environment firms and their investors find themselves in, my new in-house role will allow me to bring a new dimension of efficiency to the TM Cavendish funds and other clients over the longer-term,” Burchett says.
He says he’s looking forward to making his work on the funds his full-time focus.
Burchett will also work with the TM Cavendish International Fund, which has a number of UK holdings, and the Cavendish UK Balanced Income Fund.