UK – RMB Multimanagers has made business development head Jeremy Beswick redundant amid a focus on profitability.
Chief executive Glyn Owen confirmed the departure, and that of fellow marketer Jane Bernsten, saying: “We’ve not been as profitable as we’d have liked.” He cited the long lead times involved in winning institutional business.
He told IPE that the firm had made “some significant steps to improve profitability” – which included the relocation of a sister retail operation to South Africa.
Owen added that RMB would now take a more focused approach and that he himself would be more closely involved in business development. The investment team and strategy remained the same, he said.
London-based RMB is part of South Africa’s FirstRand Group. It had $2bn under management as at the end of last year, according to its website.