People Moves Roundup

Shakeups in Schroders, M&G’s New AsiaPac team, and more.

M&G Announces New Asia Pacific Equity Team; Changes Fund Management of Japan Funds


As part of M&G Prudential’s investment in Asia Pacific equity fund management and research capability, M&G created a new Asia Pacific equity team. The team will be led by Dave Perrett and Carl Vine, who join the business today along with five other investment professionals specializing in Asian developed and developing markets.

The other new hires are analyst Valentina Luo in London; head of Asian equity dealing Greg Moore, portfolio manager Vikas Pershad; and analyst Eleanor Kim in Singapore; and senior analyst Nick Cunningham in Hong Kong. All seven previously worked at investment boutique Port Meadow Capital Management.

Carl Vine will also become manager of the following M&G funds, as incumbent fund manager Johan du Preez steps down. In the interim period, the four funds will be managed by Shane Kelly, manager of the M&G Global Recovery Fund.

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Schroders shakes-up top jobs with host of switches

Schroders has appointed Charles Prideaux to the newly-created post of global head of investment.

In his new capacity, Prideaux will manage, develop, and oversee Schroders’ investment platform, as well as its ESG and data insight units.

Prideaux steps up from having overseen the company’s investment platform, which will now be spearheaded by Carolina Minio-Paluello, who joins from Lombard Odier Investment Managers.

Minio-Paluello was global head of solutions at the Swiss company before taking up her new position at Schroders. She will be responsible for product, solutions and quant investment capabilities.

In addition to these changes, Johanna Kyrklund is named as global chief investment officer, while also continuing to serve as global head of multi-assets investment. Her remit will focus on increasing collaboration across different investment teams.

 “Bringing together the central oversight of investment management and performance, as well as product development, will enhance our ability to meet clients’ demands by developing innovative investment strategies and leverage our market-leading ESG, data insights and quant capabilities,” said Peter Harrison, group chief executive.


Daniel P. Charles Joins Cohen & Steers as Head of Global Distribution

Cohen & Steers announced Daniel P. Charles as Head of Global Distribution.

Charles will lead all aspects of the company’s business development and client service efforts. He will serve on the firm’s executive committee.  Most recently, he served in a similar capacity as head of global distribution at William Blair. Before that, he served at Janus Capital Group, overseeing worldwide sales, client service and consultant relations.

Joseph Harvey, President and Chief Investment Officer, said: “We welcome Dan to the Cohen & Steers team. His hands-on experience across multiple channels and regions will be critical to integrating and aligning our global institutional and wealth management teams.”

“I am excited to be joining a world-class brand and team at Cohen & Steers, known for its leadership and performance in real assets and alternative income solutions, as well as its commitment to delivering positive client outcomes,” Charles Said.

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Adviser Charged with Defrauding NFL Players with Brain Injuries

SEC alleges Phillip Howard took advantage of ‘vulnerable investors’ to line his pockets.

A Florida investment adviser and lawyer has been charged with defrauding investors, most of whom were former professional football players suffering from brain injuries due to concussions received during their playing careers.

The SEC charged Cambridge Capital Group Advisors and its president, Phillip Timothy Howard, with defrauding 20 investors in two proprietary hedge funds operating out of his law offices. Also named as a defendant in the complaint is Don Warner Reinhard, a former registered investment adviser previously barred by the SEC.

The victims were mostly former NFL players who Howard had previously represented in a class-action lawsuit against the NFL over brain injuries caused from concussions received while playing football.  Howard and Reinhard allegedly raised $4 million from the retired NFL players, approximately half of whom rolled over their NFL 401(k) accounts to the hedge funds.

“We allege that Cambridge, Howard and Reinhard defrauded these particularly vulnerable investors, many of whom invested their retirement savings,” Eric Bustillo, director of the SEC’s Miami Regional Office, said in a statement.  “Instead of investing all of the funds’ assets as promised, Howard and Reinhard used a significant portion of investor money to line their own pockets.” 

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The SEC’s complaint quoted Howard as having said that the retired NFL players’

“brain function is not there, their body has been beat up from the NFL, they don’t have employment capacity, they don’t have credit, and they don’t have capital anymore.”

The complaint, however, says the opposite. To attract investors, Howard allegedly knowingly or recklessly misrepresented the funds’ investment focus, how they would use investor money, and Reinhard’s background and experience in the securities industry. Specifically, the investors were told the funds were invested in a diverse range of securities with a secondary focus on litigation settlement advances.

“This was false and misleading,” said the complaint. “In truth, the funds primarily paid settlement advances to former NFL players – including 18 of the 20 investors – in connection with the NFL concussion lawsuit.”

The SEC said Howard and Reinhard misappropriated more than 20% of investor funds, or about $973,000, to pay themselves fees and to cover costs associated with Howard’s personal residential mortgages.

Additionally, the firm is accused of misrepresenting Reinhard as an “extremely successful investment manager” without mentioning that he had served time in jail for bankruptcy and tax fraud, and had been barred by the SEC from working for any investment adviser firm. 

The SEC also alleges that Howard defrauded investors by borrowing over $600,000 in undisclosed personal mortgage loans from the funds, which he never repaid, and that Howard and Reinhard used investor funds to pay themselves fabricated “broker fees” on settlement advance loans to Howard’s legal clients. 

The complaint doesn’t mention who the former NFL players are by name, only by their initials. But one victim, referred to only as C.F., is almost certainly Corey Fuller, a former NFL defensive back who sued Howard last year for the same reasons he is being charged by the SEC.

Related Stories:

SEC Charges Former CFO with Defrauding Thousands of Investors

Adviser Fined $1.6 Million for 25 Years of Pension Fraud

Supreme Court Widens Scope for Fraud Claims

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