At Moventum, Pauly is not being directly replaced, but rather, his CEO duties will be handled by an executive board comprised of three current Moventum executives.
They are Sandra Reiser, who becomes managing director but who will remain in charge of operations; Michael Jensen, who takes over sales and business development while retaining responsibility for asset management services; and Sabine Said, who remains in charge of Moventum’s legal and compliance departments.
In addition, the company’s head of sales, Hartwig Loh, is postponing his retirement until 31 March 2014 in order to assist the new management team with the transition, according to a recent letter sent to clients.
In an interview, Pauly, who has already started his new position with Degroof’s fund management company, Degroof Gestion Institutionelle, said he had always thought that he would leave Moventum at some point to return to institutional sales, where he began his career more than 30 years ago, ahead of his retirement. He thought he would stay on another two years, but then the opportunity at Degroof came along, and he decided to move his plan forward.
At Degroof Gestion, Pauly will oversee the development and marketing of the services that the group offers to third-party funds.
Asked what he will miss most about the platform industry, Pauly said “its entrepreneurship”.
“Platforms weren’t around 10 years ago, and if you were to define what a funds platform is today, 10 years from now, that definition will probably be completely different,” he noted.
“It is an industry that is still in the process of being invented.”
Moventum has assets under administration of around €3.3bn, and has around 4,400 financial advisory firm clients. It also provides white-label platform services to other companies, (whose AUM are/are not included in that total).
Moventum is owned by the Banque de Luxembourg and GPA, a privately held, US-based company. Moventum employs around 64 people.
Coincidentally, the building in which Moventum’s offices are located is owned by Banque Degroof, Pauly’s new employer, enabling him to say – as he occasionally does – that he is now working for his landlord.
