Peter Hugh Smith is to join Capita Asset Services as managing director of Capita Financial Managers Limited in November 2014.
He joins from WAY Fund Managers where he has held the position of CEO since August 2012.
Chris Addenbrooke, chief executive of Capita Asset Services’ fund solutions arm, says: “Peter brings with him a depth and breadth of management, distribution and investment industry experience which makes him the ideal candidate to take Capita Financial Managers Limited forward. Peter’s previous roles include around 12 years as managing director of Russell Investments’ wholesale distribution business, and also time as a fund manager at Capel Cure Myers and with Seapower Asset Management in Hong Kong."
Hugh Smith says: "The industry is seeing continued interest in the opportunities afforded by the UK and wider European market from overseas asset managers launching funds. There are many factors that will result in the growth of the authorised fund manager (AFM) and alternative investment fund manager (AIFM) sectors in the coming years. These include margin pressure on smaller and medium sized asset management businesses, constant regulatory change and the increasing complexities, challenges and costs of fund compliance, oversight and governance. A professional and well capitalised independent AFM/AIFM, such as Capita, provides a regulatory platform for funds allowing investment managers to focus on their core strengths of fund distribution and investment management.
“Working with Capita’s highly experienced management team, I intend to build upon its position as the leading provider of independent, authorised fund manager services in the UK. In an environment of rapid change in the asset management industry, Capita’s services will be in increasing demand. I look forward to working with my new colleagues to growing the business further, while continuing to meet and exceed the firm’s regulatory responsibilities.”
Hugh Smith will report to Addenbrooke and his appointment is subject to FCA approval.