More change for BT small caps team

BT Financial Grouphead of small caps, Matt Riordan, has resigned from the group in a move that adds to a spate of changes to its small companies division over the past few years.

In early 2003 two BT small cap executives — David Fleming and Glen Hoffman — departed to co-launch fledgling boutique investment firm Renaissance Asset Management along with former Sagitta property securities head Carlos Cocaro small caps analyst Damien Barrack.

While back in 2002 formerINGportfolio managers Brian Eley and Ben Griffiths, who ran BT small caps, also departed to kick off their own boutique manager - Eley Griffiths Group.

BT announced Riordan’s planned departure yesterday and stated he would be replaced by small caps analyst Paul Hannan.

Riordan, who has been with BT for nine years, will remain with the group to assist in the transition of Hannan into the role.

Hannan joined the group following BT’s acquisition of Sagitta Wealth Management back in 2002, and has worked in small caps for over four years. Prior to Sagitta he was withBNP Paribas Asset Management.

Meanwhile the group has commenced a recruitment search for a replacement analyst, and expects to fill the vacant position within the coming weeks.

In the interim the small caps team will comprise Hannan and small companies portfolio manager John Lake, who joined BT in 2003 having previously worked withABN Amroin New Zealand since 1996.

BT did not say if Riordan had been appointed with another group.