Veritas Asset Management UK is to split its fund management arm from its private client business as part of a corporate reorganisation.
The Veritas private client business will be re-named Veritas Investment Management, while its funds and institutional business, which manages £7.5bn, will retain the Veritas Asset Management brand.
Veritas Asset Management will be led by chairman Charles Richardson, fund managers Andy Headley and Ezra Sun and chief operating officer Richard Grant.
Veritas Investment Management will be led by Mark Rayward, who was appointed head of UK private clients at Veritas in April 2010. Stewart Newton will become chairman of the private client business.
Richardson says: “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 and continue to deliver outstanding investment performance for our clients.”
Chelsea Financial Services managing director Darius McDermott says: “Veritas has a large asset management offering so I see no reason why it should not be a standalone business.”