Gadd will stand down at the end of the current financial year to take on a consultancy position with the bank focusing on developments identified to implement RDR.
His position as head of the London office will be taken on by Gianluca Renzini, AFB’s global head of distribution and deputy general manager. In his new role, Gadd will report directly to Renzini.
Renzini commented: “Similar to our experience with the implementation of MIFID regulations, Allfunds see RDR as an opportunity to grow its presence in the UK region and we intend to focus additional resources in the market to enhance our proposition.”
Gadd added: “For providers in the UK the challenge is two-fold – how to be operationally ‘fit for purpose’ under the proposed RDR environment on day one and how best to assess the likely structural impact on their business model.
“Competition, together with factors such as changes to commercial relationships, will affect the whole value chain and this, combined with the more difficult economic outlook and demographic factors, means that all players need to think through more strategic options plus be prepared to re-focus their current product & service offer."
