Rathbones has confirmed Tom Carroll will become CIO of its unit trust business replacing Julian Chillingworth when he exits next year.
Carroll co-founded Four Capital Partners in 2006, before it became Sanlam Investments, where he is now head of asset management.
When Chillingworth’s retirement was announced in July, Elizabeth Savage and Edward Smith became co-CIOs at Rathbone Investment Management. Carroll’s appointment is at Rathbones Unit Trust Management (RUTM).
He will be based in the London office, where he will oversee the investment team and help develop the funds business, including its sustainability capabilities. He will report to Mike Webb, RUTM chief executive.
Webb described Carroll as a good cultural fit for RUTM. “We’re very pleased to have found someone of Tom’s experience and stature to join our team,” he said. “The CIO role is vital to our activities in the fund management business, providing a framework of oversight and governance which gives our fund managers the freedom to express their investment views, while also ensuring the integrity of their individual investment processes.”
Before co-founding Four Capital Partners, Carroll managed UK equities, first during a six-year stint at M&G Investments and then at Schroders, where he managed over £2bn in assets for corporate and local authority pension schemes. Although, in a recent video interview with Portfolio Adviser he said the industry now has too many UK equity funds.
He started his career as a chartered accountant at PwC predecessor Coopers & Lybrand.
Sanlam Investments said it would be appointing his successor in “due course”.
See also: Tom Carroll: The last thing the industry needs is another UK equity fund
