Sunday, 26 March 2017
Last updated 2 days ago
Mar 30 2010 | 12:32pm ET
London-based Mulvaney Capital Management has done away with its investor relations chief, leaving the US$89 million firm with no one focused exclusively on marketing or client dealings.
Colin Lloyd, who had served as head of investor relations at the firm for four years, left earlier this month and will not be replaced, Financial News reports. His duties have been divided amongst Mulvaney’s remaining six employees.
“We have to look at our fixed costs and see where we could make savings,” Alistair MacNaughton, the firm’s chief legal officer, told FN.
Mulvaney’s move comes as many hedge funds are adding or beefing up their investor relations staff in response to growing demands for transparency from clients. Mulvaney, which is down 10.72% this year, will instead seek a third-party marketer.
The firm also announced a pair of appointments to its board of directors. John Bishop, who serves as a non-executive director for Berkshire Hathaway International, was named non-executive chairman, and Mary Jo Jacobi, chairman of the idm Group, was named a non-executive director.