Close Brothers Asset Management’s managing director of investments and smaller companies, Deryck Noble-Nesbitt, has left the group as part of restructuring the firm’s discretionary business.
This move comes after the company suspended redemptions on the Special Situations and Beacon Investment funds that he had previously managed, due to their financial viability.
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The group CIO Nancy Curtin is currently restructuring the organisation and under this process the firm’s discretionary funds and the tailored portfolio services will be merged into a single team under her management.
Noble-Nesbitt was appointed as head of the group’s new tailored portfolio service back in February 2012.
The Special Situations fund will now be liquidated due to the lack of investment, as investors, reportedly, failed to be convinced by the investment strategy.
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