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Edmond de Rothschild Asset Management is relocating its investment services team out of London, part of a shift away from the UK retail market — which has also sparked the departure of UK wholesale head Dan Lee.
The firm plans to relocate its London-based investment teams to Paris, Geneva and Luxembourg, according to Investment Adviser, though institutional clients will still be served by UK-based investment teams.
The move follows a year of uncertainty for financial firms, with some opting to move, downsize or delay their expansion plans. Late last year, Wells Fargo defied the trend and spent £300M for a central London office.
Lee had only been with Edram for a year and is understood to be leaving as a result of the changes. He was hired to oversee Edram’s plan to market its Luxembourg-based funds to UK investors. [IA]
