Vontobel shares dropped by 11% this morning, following news that Rajiv Jain, CIO of the group’s Quality Growth boutique and emerging market fund manager, will leave the group as of May, in order to set up his own business.
Jain has been with Vontobel for more than 20 years, his position will be taken over by Matthew Benkendorf, a long standing deputy of Rajiv Jain.
Benkendorf will now take over as lead portfolio manager of Vontobel’s flagship Global Equity, EAFE (Europe, Australasia and Far East), and Emerging Market Equity investment strategies.
Axel Schwarzer, head of Vontobel Asset Management comments: “Rajiv Jain’s outstanding contribution has been the bedrock for the firm’s success over the past 22 years. As Rajiv is handing over responsibility to Matthew Benkendorf, we are delighted to rely on our strong succession planning and to broaden out our investment leadership.”
Meanwhile, Donny Kranson, formerly deputy portfolio manager of the European Equity strategy, will take over as lead European portfolio manager from Rajiv Jain.
Brian Bandsma, formerly deputy portfolio manager of the Far East strategy, will take over as lead Far East portfolio manager from Rajiv Jain.