E&Y Expands West Coast Asset Tax Practice
Global accounting firm Ernst & Young has expanded its West Coast asset management tax practice with four new hires.
The hires are principal Michael Doolan and partners Mark Gutierrez, Paul Kangail and Eric Wauthy.
The new professionals "bring deep experience working with clients to help them retain and grow assets, enhance investment performance, mitigate business and tax risk and respond to regulatory changes," said Michael Serota, E & Y Global Hedge Fund co-leader and Global Asset Management tax leader, in a statement.
"Their joining is also evidence of Ernst & Young LLP's growth on the West Coast in the asset management industry," he stated further.
Doolan was previously a senior managing director with Macquarie Bank in New York, where he led tax and structuring for the asset management business in the Americas. Prior to joining Macquarie, Doolan worked on M&A deals at KPMG LLP and served as the United States rotating partner for KPMG's Australian affiliate. Doolan will work out of E&Y's San Francisco office.
Gutierrez was a leader of Deloitte Tax LLP's Pacific Southwest Asset Management practice. Prior to joining Deloitte in 2001, he was a member of PricewaterhouseCoopers LLP's Los Angeles and Boston Asset Management practices. Gutierrez is located in the Los Angeles office.
Kangail was formerly a tax partner with Rothstein Kass & Co., where he led its Bay Area Financial Services Tax practice. He is also a former partner at Deloitte LLP. Kangail is at the firm's San Francisco office.
Wauthy was a leader of Deloitte Tax LLP's Pacific Southwest Asset Management practice. He is based in the Los Angeles office.
Ernst & Young maintains a separate business unit solely dedicated to financial services clients. It also has practice groups focused on the fund industry, including its Global Asset Management Center and its Global Banking & Capital Markets Center.
Henderson Bids Adieu to a PM
Henderson Global Investors said that Iain Clark is stepping down from the daily management and operations of the International Opportunities Fund, effective April 2.
He will remain as an advisor to the fund through year-end to provide "historical reference and guidance and to effect an orderly transition".
In his stead, Stephen Peak, director of international equities at Henderson Global and a member of the portfolio management team of the International Opportunities Fund since its inception in August 2001, will become the lead portfolio manager of the fund, also effective April 2.
Bill McQuaker, who has been an asset allocation strategist on the International Fund with Clark since 2006, will continue as the asset allocation strategist of the fund.
The International Fund is one of Henderson's largest retail funds, with $2.6 billion in assets as of December 31, 2011. The fund uses a multi-manager approach, with five portfolio management teams focused on specific areas of sector or geographical expertise.
"We are grateful to Iain for his significant contributions over his distinguished career at Henderson," stated Andrew Formica, chief executive of Henderson Group plc. "Stephen and Bill have worked closely with Iain for many years and we are confident that their collaboration, combined with the team approach of the fund, will ensure a seamless transition for our clients."
Deutsche Bank's Asset Chief Sheds a Role
Deutsche Bank's Management Board is expanding the Group Executive Committee from 12 to 18 members, effective June 1.
Current members Kevin Parker, head of asset management, and Pierre de Weck, head of private wealth management, will stand down from the committee on May 31, 2012, the day of the firm's annual meeting.
Josef Ackermann, chairman of the Management Board and the Group Executive Committee of Deutsche Bank, said: "Together with my colleagues, I am deeply grateful to Pierre and Kevin for their longstanding service to our bank and their outstanding contributions to its success. Pierre has built a world-class Private Wealth Management. Kevin has greatly developed our Asset Management over the years and turned it into an increasingly profitable business. I wish both all the best for the future."
Neuberger's Research Chief Takes on a New Role
Greg Francfort, who most recently served as Director of Neuberger Berman's Global Equity Research team, will be joining the firm's MLG Group, which manages approximately $7 billion in assets for individuals, institutions and mutual funds.
According to an internal memo, Francfort will serve as a portfolio manager on MLG's core equity portfolios, and will also contribute to the equity income and global thematic opportunities strategies offered by the team.
Tim Creedon is now the new director of research.