The Veritas Private Client business will be re-named Veritas Investment Management and headed up by Mark Rayward who has been in the top job there since April 2010.
Meanwhile, the funds and institutional business with £7.5bn in AUM will retain the name Veritas Asset Management and be led by four principals: Charles Richardson (fund manager and chairman), Andy Headley (fund manager), Ezra Sun (fund manager) and Richard Grant (COO).
Veritas Investment Management, which earlier in the year reached £1bn in assets under management will be chaired by Stewart Newton, while Anthony Rosenfelder will continue in his role as chairman of the international private client business – Veritas AG (Zurich).
The group said the split would enable the two businesses to focus on their respective clients’ needs while managing growth and dealing with different regulatory requirements and strategic objectives.
The move is still subject to FSA approval and will not lead to an all-out divide since Veritas Asset Management LLP will have a minority investment stake in Veritas Investment Management LLP.
