Renamed Tcam, the firm will now be owned by what it describes as a ‘partnership of three main shareholder groups’.
The first group consists of Haig Bathgate and Alex Montgomery, the firm’s two executive directors who will now take on the role of joint CEO. The pair have worked together for 16 years and, according to Bathgate, have always operated on the basis of a partnership. Going forward, Montgomery will continue to oversee operations, compliance and the client facing team, while Bathgate, who retains his role as CIO, will remain responsible for investment strategy, business development and also how we market the firm internally and externally.
The second group is made up of Turcan Connell Partners and former Partners, including current chairman, Douglas Connell and will make up around a third of the ownership. According to the firm, Stuart Mitchell has accepted the invitation to become chairman of the group, while Connell will become deputy chairman. Turcan Connell partners, Robin Fulton and Ian Clark, will continue as non-executive directors, while Hugh Little and Bart Turtelboom will also join the board. Other investors include, Turcan Connell partners Simon Mackintosh and Robert Turcan.
The third grouping is a number of external individual investors, which includes among others, Crispin Odey, François Simon and Robin Parbrook the newly renamed firm said. While these investors will have no involvement in the investment strategy or the day to day management of the company, they will be available as a very valuable sounding board, Bathgate said.
As reason for the restructuring, Montgomery said: “Tcam has seen considerable growth since it incorporated as a wholly owned subsidiary in 2012. The new investment will provide access to capital resources that will enable us to invest further in cutting-edge technology in order to enhance the service we provide to clients.
According to Bathgate, while the new investments will enable the firm to bring forward the pace of change it can bring to its existing technological development.
“Technology is at the core of everything we do, from the efficient production and communication of information to clients through to in house investment strategy tools that we develop. We are very committed to investing in technology and see it as a critical aspect of our future growth,” he added.
The new structure is expected to come into effect in November, the firm said, but remains subject to regulatory approval.
