The head of the ethical investment team at Gerrard Investment Management, Nicola Day, has moved to Rathbone Greenbank Investments after Gerrard closed its ethical service.
Day will be an investment director at Rathbone Greenbank, Rathbone Investment Management's ethical service, where she will be responsible for managing private client portfolios. She had been at Gerrard for six years before accepting her new post. Her transfer coincides with the closure of Gerrard's ethical investment service after a strategic review decided that there was "no longer a need for a specialist ethical team".
A Gerrard spokeswoman said that the eight-strong ethical department had been shut because it had only a "small number of clients", who had now been offered other services "more in keeping with the rest of the business".
But an industry expert, who did not wish to be named, suggested the company closed its ethical division because it was not lucrative enough. "This is about concentrating on economics rather than doing what is right," he said. "Gerrard will be continuing with its ethical mandates all round the business, but those services will not be as 'demanding' in their ethical standards."
Elizabeth Haigh, head of Rathbone Greenbank, confirmed that Day would be bringing "nearly all" her Gerrard clients with her to the new post.
- Nicola Day has moved from Gerrard Investment Management to Rathbone Greenbank Investments
- Gerrard has now closed its specialist ethical investment service. The ethical team will be redeployed elsewhere in Barclays Wealth
- An industry expert suggests that the ethical service was not economical to run.