Gresham House has hired BNP Paribas Asset Management's Mike Woolley as head of wholesale and Andy Gibb - also from BNP Paribas - as sales director, Investment Week can reveal. Their appointments will be effective as of 17 September.
Woolley had been BNP Paribas's head of external distribution for the UK since February 2015. Before this, he was head of UK sales at EFG Asset Management, and has also had roles at Neptune Investment Management, Prudential and Standard Life.
He will be responsible for developing Gresham House's wholesale distribution strategy, with a focus on growing the LF Gresham House UK Micro Cap and LF Gresham House UK Multi-Cap Income funds managed by Ken Wotton and Brendan Gulston.
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Gibb has been responsible for UK business development at BNP Paribas. Prior to this, he was an investment sales director at BNY Mellon for six years, and has also worked in Skandia Investment Management's business development team, helping launch the Spectrum range of funds.
The new hires follow the recruitment of Richard Staveley to Gresham House's public equity team earlier this month, and Catriona Buckley as institutional business development director in July.
Rupert Robinson, managing director of Gresham House Asset Management, said Woolley and Gibb bring "a wealth of experience and contacts across key client channels".
He added: "Their appointments represent a major commitment by the group to strengthening our presence in this area."
Profits up
Meanwhile, the firm has reported adjusted operating profits of £4.4m in the first half of 2019, up from £400,000 in the same period a year earlier as total income grew by 209% to £15.3m.
The alternative asset manager saw assets under management reach £2.5bn in the six months to 30 June 2019, up 8.1% from £2.3bn at the end of 2018.
Organic growth in assets under management included fundraising of £50m from Gresham House Energy Storage fund, £25m from Baronsmead VCTs and £94m from forestry funds.
Tony Dalwood, chief executive of Gresham House, said trading was in line with expectations.
He said: "Our focus on alternative asset management remains increasingly of interest as allocations to these areas continue to build.
"Alongside revenues, the Gresham House brand is growing, and we are increasingly well-placed for the important shift towards ESG and sustainable investment."
Dalwood added: "We have made significant progress developing our platform, including enhanced capability within sales and distribution, in order to scale in the future whilst looking at international opportunities in a post-Brexit world."
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The company reported it is debt free, having fully repaid a £10m debt facility in July, £7m of which had been paid by the end of June this year.
Gresham House real assets has expanded its forestry operations into Ireland, working with AXA Investment Managers - Real Assets to manage a 4,074 hectare forestry portfolio it acquired from a number of vendors.
In March, Gresham House announced a joint venture with Aberdeen Standard Investments as it expanded its strategic public equity activities.
In its latest trading statement, Gresham House confirmed "the programme of work is progressing and development will continue through the year".
