Rathbones head of research Elizabeth Savage and head of asset allocation Edward Smith have been appointed co-CIOs as Julian Chillingworth retires from the industry after four decades.
Chillingworth (pictured), who has spent half of his career at Rathbones most recently as CIO, has announced he will be leaving the business in early 2022.
His responsibilities have been divided with dedicated investment leadership roles carved out for Rathbone Investment Management and Rathbone Unit Trust Management. Chillingworth will work closely with all investment teams to “ensure a smooth and successful transition” before his departure.
Rathbones chief executive Paul Stockton praised the outgoing CIO for his “significant contribution to Rathbones over the past 20 years”.
“During that time, global markets have changed almost beyond recognition, and Julian has played an enormous part in steering us through both calm and turbulent waters,” he said. “Our warmest wishes go to him for a long and happy retirement.”
Savage and Smith will head up the newly created “CIO office” effective immediately, reporting in to Rathbone IM managing director Ivo Darnley. The pair will assume lead responsibilities for the day-to-day management of particular areas but will jointly oversee the investment process and its delivery.
A CIO for Rathbones’ unit trust business will be announced in due course.
“A robust and dynamic investment process is critical to Rathbones being able to deliver strong investment returns into the future, and we are very fortunate to have the individuals who have played a crucial role in the development of our in-house research and strategic asset allocation skills, with the capability to step-up and lead us into the future,”Stockton said.
Savage joined Rathbones as head of research in 2005 and is a member of its investment executive committee. She previously worked at fund of hedge funds Progressive Alternative Investments as an analyst.
Smith has been with the FTSE 250 manager since 2014, supporting its investment process with proprietary macro-based, multi-asset research. He is a member of the strategic asset allocation committee, sector selection committee, and a founding member of the responsible investment committee. He began his career at Blackrock and was also global strategist and co-lead manager for Canaccord Genuity Wealth Management’s Risk Enhanced Multi-Asset Portfolio service.
