Charles Stanley has lined up a new head of research and CIO following Jon Cunliffe’s departure last year.
Cunliffe (pictured) quietly left the wealth manager in October 2021 to become managing director of investments at B&CE, a not-for-profit firm which provides financial support to people and employers in the construction industry.
He became Charles Stanley’s CIO in 2016, while Paul Abberley stepped up to the role of chief executive. Under his watch, he overhauled the firm’s research process and oversaw the asset allocation guidance across the private client and asset management divisions.
Prior to Charles Stanley, he held senior fixed income roles at Lombard Odier, ABN Amro Asset Management and Aberdeen Asset Management, and enjoyed a five and a half year stint at the Bank of England.
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Replacing Cunliffe as CIO and head of research is Patrick Farrell. Farrell has over 30 years’ experience in investment management in Australia, serving as CIO of insurance giant Suncorp as well as BT Financial, the wealth and management arm of big four bank Westpac.
At Charles Stanley, he will chair the investment committee, work closely with the asset management team, headed up by Dan James, on asset allocation and develop its responsible investing and ESG offering. He will be based in London and report to directly to CEO Abberley.
Abberley hailed Farrell as an “industry heavyweight” with an “excellent track-record in delivering results” in terms of investment performance and business growth.
Farrell’s arrival comes days before Charles Stanley’s takeover by Raymond James is set to complete. The £279m deal, which was announced last July, gives Raymond James a firmer toehold in the UK wealth market and £27.1bn in assets.
See also: Raymond James set to clarify its UK identity with Charles Stanley acquisition