Orchard – described as “highly respected” by more than one senior figure on the island – joined ARC in August as a consultant with particular responsibilities as a fund specialist. Stephen McMahon, a director at ARC, explained that while ARC does do some work on funds its primary business is working with discretionary wealth managers, adding: “It is tough to justify a role solely looking at funds”.
He added: “A core tenet of the ARC investment philosophy is that discretionary investment managers should be at the core of private client portfolio structures rather than pooled solutions. After a trial exploratory period, Alan and we came to the conclusion that the fund analysis skills built up over many years by Alan were not easily transferred into the DFM space and the analytical processes which form the core of the ARC approach to manager selection and monitoring. We wish Alan every success in his next move.”
McMahon went on to say that the funds work there is – and it is not actively promoted – is in Guernsey while Orchard lived and worked in Jersey.
The role is still necessary, he confirmed, commenting: “As per the normal course of things, we will pick up the slack between us as there is a definite need for us to maintain our fund research strength.”
Orchard joined ARC from the Royal Bank of Canada’s trust business having joined RBC when it acquired Abacus in 2005. He was brought into Abacus in 2001 to advise on the management of its Corinthian fund of funds using his experience of managing discretionary portfolios for ANZ Grindlays Bank and Matheson Securities. Prior to this Orchard started ANZ’s fund business in 1988 having moved to Jersey in 1981 with NatWest Bank.
He is the second high profile departure from ARC this year as the managing director of its Jersey operation, Euan Dangerfield left in April to join Cazenove Capital Management as its head of private wealth management team.