Peter Hugh Smith is to join Capita Asset Services as managing director of Capita Financial Managers Limited in November 2014.
Smith joins from WAY Fund Managers where he has held the position of CEO since August 2012.
Chris Addenbrooke, chief executive of Capita Asset Services’s fund solutions arm, said: “[Smith] brings with him a depth and breadth of management, distribution and investment industry experience which makes him the ideal candidate to take Capita Financial Managers Limited forward.”
Smith’s previous roles include around 12 years as managing director of Russell Investments’s wholesale distribution business, as well as time as a fund manager at Capel Cure Myers and with Seapower Asset Management in Hong Kong.
Smith commented: "The industry is seeing continued interest in the opportunities afforded by the UK and wider European market from overseas asset managers launching funds.”
“There are many factors that will result in the growth of the authorised fund manager (AFM) and alternative investment fund manager (AIFM) sectors in the coming years.”
He stated that these factors include margin pressure on small- and medium-sized asset management businesses, constant regulatory change and the increasing complexities, challenges and costs of fund compliance, oversight and governance.
Smith will report to Chris Addenbrooke and his appointment is subject to Financial Conduct Authority approval.
