Julian Ide’s distribution background and track record in hiring fund managers stands Martin Currie in good stead to better penetrate the UK intermediary market and revive its “lacklustre” fund range, according to fund selectors.
The firm announced on Monday that Ide has been promoted to chief executive at the Legg Mason-owned boutique, which has $17bn (£12.9bn) under management.
Ide joined Martin Currie in May 2018 as head of distribution and strategy. He replaces Willie Watt who leaves the role after 18 years but remains as chairman of the company.
Before joining Martin Currie, Ide was chief executive at Source ETF and prior to that, chief executive at Old Mutual Global Investors (OMGI), which is now Merian Global Investors. He has also held senior roles at Credit Suisse and ABN Amro.
In a statement announcing the hire, Martin Currie said Ide had originally been hired to “identify and realise new business opportunities and to build its strategy for client engagement”. As chief executive he will lead the executive team and have business oversight of investment management.
Refocus the business
AJ Bell head of active portfolios Ryan Hughes, who worked at Skandia, which was acquired by OMGI when Ide was CEO, said: “Julian is an experienced asset management leader who led OMGI well in his time there and I’m sure will do a good job at Martin Currie.”
Hughes reiterated a view previously shared with Portfolio Adviser that he thinks Martin Currie has become a “little bit of a forgotten business” for fund selectors in the UK, but said that could change with Ide at the helm.
“Having someone with Ide’s knowledge of the market and distribution will be important to help refocus the business and ensure it gets the profile it needs within the Legg Mason stable.”
Revive fund range
However, Shore Financial Planning director Ben Yearsley said while Legg Mason’s sales team has been good at getting fund managers down to the South West, where he is based, he suspects they have internal pressure on which of the affiliate boutiques they put in front of clients.
“The sales guys have nine affiliates to pick from and I’m sure there are internal politics that get in the way of how much time they spend with each,” he said.
Yearsley said apart from the emerging markets funds headed by Kim Catechis, Martin Currie has “not exactly set the world on fire in the past five or six years with their fund range”.
“It would be interesting to see whether Julian is responsible for fund manager recruitment and pepping up the fund range because it is just a bit lacklustre,” he added.
Yearsley noted that Ide was chief executive of OMGI when Richard Buxton joined from Schroders, so he has “good form” in terms of bringing in managers. “When he left Old Mutual it was a strong brand,” he added.
Tilney managing director Jason Hollands noted Legg Mason acquired Martin Currie in 2014, adding the firm’s boutique affiliates operate with considerable autonomy.
“Julian’s background is on the distribution side and he has been responsible for this at Martin Currie over the last year, so I’m sure he will be acutely aware of the importance of developing the firm’s presence with advisers. It will be interesting to see who now fills the head of distribution role.”
