Former executives of Rathbone Warwick & Davis Investment Advisors have established a new independent investment and money management firm.
Named as Rathbone Warwick Investment Management, the new company has nine former staff of the former firm, which was part of Wells Fargo Advisors, idahobusinessreview.com has reported.
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Robert Rathbone told the portal that the new company has commenced operations from 1 July and day-to-day experience for clients will be the same in the new firm.
"We’ve formalized the arrangement that we’ve had for some time. We’re managing money for clients," Rathbone said.
He further added that the change will strengthen the firm’s position as an investment management company, not brokers.
At the outset, the new investment firm will manage the accounts of the clients in the same portfolios who switch to the new firm. However, the firm will build more types of portfolios, leveraging various financial instruments which it used previously.
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By GlobalDataFormer managing director and investment officer Mark Daly will continue with his work under the newly named Daly Vachek with Raleigh Vachek and Lisa Sievers.
Warwick & Davis has chosen Charles Schwab & Co as its custodian brokerage to hold client assets.
