Veritas to divide business as part of restructure

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 as 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 four principals including chairman Charles Richardson, fund managers Andy Headley and Ezra Sun, and chief operating officer Richard Grant.

Meanwhile, 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.

Veritas Asset Management chairman Charles Richardson says: “From the start, our business has been aligned with our clients’ needs and interests.

“We are an investment boutique and the essence of our boutique is based on the pillars of investment specialism, simplicity and a clear focus.

He adds: “The reorganisation will enable us to grow, provide the environment in which our people can excel, continue to deliver outstanding investment performance for our clients, and crucially, allow us to remain true to our founding principles.”