Capital National Alliance has let a well-respected representative go as Capital International seeks a more direct relationship with Australian institutions, but the entity will continue to administer and currency-manage a wholesale trust here.
David Taylor has left as part of Capital International’s decision, inspired partly by consultant and client requests, to deal more directly with Australian holders of discrete mandates with the bottom-up global equities manager.
The head of marketing and client services for the region, Mark Speciale, will spearhead the effort after relocating from Los Angeles to Singapore 18 months ago.
However Simon Blanchflower remains with Capital National Alliance, now part of Nabinvest, and the entity will continue to act as responsible entity and currency manager of a unit trust for wholesale investors.
Meanwhile, Capital plans to have an Australian retail unit trust in place under a new responsible entity/distributor before May 1, when the existing trust under Credit Suisse Asset Management is due to be taken over by Aberdeen Asset Management. Aberdeen has flagged it will assume funds management responsibilities from Capital.
It is understood Capital wants clients who wish to stay with its process to do so via an in specie transfer, and avoid the transaction costs involved in a transition to a new manager.