Tuesday, 28 June 2016
Last updated 39 min ago
May 13 2014 | 11:14am ET
Lansdowne Partners’ succession plan has taken another step, with its co-founder stepping back and its top money managers taking charge.
Steven Heinz will relinquish day-to-day responsibilities at the US$13 billion firm. In his place will be Peter Davies and Stuart Roden, the managers of Lansdowne’s flagship Developed Markets Fund.
With the new leadership will come a new limited liability partnership, with Davies and Roden at its head.
The move follows the retirement of Heinz’s co-founder, Paul Ruddock, last year. Ruddock was replaced as CEO by Alex Snow, the former executive chairman of Investec’s British investment-banking unit. Lansdowne also at that time promoted operations chief Suzi Nutton to chief operating officer.
Snow will now report to Davies and Roden.
Ruddock handled Lansdowne’s operations before his retirement, while Heinz focused on investments. Heinz, who last year handed management responsibilities for Lansdowne’s European Strategies Fund to David Graigen and Daniel Avigad, will remain on the boards of Lansdowne’s funds and will continue to oversee its information technology development. But he’ll do so while managing his own money, and from Austria, where he has lived for the past several years.
Davies and Roden have been with Lansdowne for more than a decade, joining the firm in 2001 after their previous employer, Mercury Asset Management, was acquired by Merrill Lynch.