The new structure, which combines the firm's UK Private Investment Management (PIM) business with the investment management arm of its wealth management business, will be spearheaded by Andrew Herberts, the current head of the firm’s UK PIM.
According to Herberts, combining the two parts of the businesses was the next logical step toward creating a single coherent view of the firm’s private client activities.
Hugh Titcomb, CEO of TMI, elaborated:
“There has been strong and increasing collaboration between our two UK private client businesses and combining them is a natural evolution for the TMI Group. This will enable us to provide a full range of discretionary services to our private clients and leverage the significant investment and operational resources available from the broader TMI Group.”
Heberts will split his time between Thomas Miller’s London office where the combined business will be based and TMI’s Newcastle branch.
The Edinburgh office where Herberts was previously located as head of the UK PIM group will close.
Eddery, previously the director of TMI’s wealth management business and responsible for the managed portfolio service, and Baikie, senior portfolio manager within UK PIM, are leaving following the restructuring.
Titcomb commented: “We will be sorry to see Paula and Scott leave the business and are very grateful to them for the contribution they have made.”
Eddery and Baikie have not confirmed where they will be heading after leaving TMI.