Sagitta exodus continues with Fleming departure
Theexodus of senior executives from theSagitta Rothschildgroup has continued, with the resignation late last month of the head of the group’s small caps team, David Fleming.
Fleming, who has 14 years of investment management experience, will be replaced by another current member of the small cap team, Matthew Riordan.
TheLonsecresearch group says while Sagitta has a relatively large small cap team to fill the gap left by Fleming, his experience would be a significant loss.
The research house says it will maintain its ‘hold’ rating on Sagitta’s Small Companies Fund, as well as the Australian Small Companies Fund run by its stable mate, BT.
Fleming’s resignation is the latest in a long line of departures from Sagitta since its buyout by the Westpac Bank and merger withBT.
Earlier this month, the Sagitta’s head of Australian equities, Andrew Brown, left the group in acrimonious circumstances to be replaced by BT’s Crispin Murray.
Sagitta chief executive Peter Martin, chief investment officer Jonathon Pain, chief operating officer John Tuxworthy and head of retail Chris Larsen have also left the group since its takeover by Westpac last year.
AUTHOR
George Liondis
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
