General manager, managed investments research at IWL, Angela Ashton, will leave the firm to join Queensland Investment Corporation as a strategist, with her departure marking IWL’s exit of the market on research to funds managers.

Ashton, the last in a line of six employees to depart the managed funds research team, leaves the managed funds research team at IWL rudderless. Chief executive of IWL, Otto Buttula, said it was no secret the firm had not been replacing people as they had left the managed funds team, and the firm had been gradually restructuring the team with a focus on the retail research arm. “;We are not a big believer in selling research back to funds managers,”; he said. “;We are looking at our position in the wholesale market and while we will still cover managed funds research we will not sell to funds managers per se.”; He did not reveal how managed funds would be covered in this retail context. Tony Day, chief strategist at QIC, said Ashton would join QIC in a strategist/client communications role as part of the portfolio design team. “;Until we have written down our strategy and made it clear, then we believe we haven’t really thought it through,”; he said. “;Angela has strong communication skills and we are very excited to have her joining us.”; In addition to Day, QIC has one other strategist in a team of 20 which deals with beta management, implementation and portfolio design. Last week IWL and the Commonwealth Bank entered into a scheme implementation deed where it was proposed CBA would acquire the issued capital in IWL for $373 million. Buttula said the scheme document, due out later this month, would provide more detail about the terms of the transaction including staffing issues.

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