‘An exceptional fit’ sees Corazon bought by CSWM
Monday 22nd March 2010, 2:30PM GMT.
Corazon chief executive Paul Meader, left, is now head of Guernsey portfolio management at CSWM. He is pictured with Charlie Roger, head of CSWM. (0934896)
INDEPENDENT Guernsey-based investment manager Corazon Capital has been bought by Collins Stewart Wealth Management.
Corazon, which was established in 1996 and has offices in Guernsey and Geneva, has assets under management of £382m.
The intention following the acquisition is to integrate its 16 staff into the Collins Stewart team, taking the number of investment professionals in CSWM’s Channel Island offices to more than 60.
The enlarged business will have in excess of £6bn of assets under management.
Charlie Roger, head of CSWM, said Corazon was a particularly good fit for the business.
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Let’s hope their investment managers over here get a little bit more trained up than having just the IMC certificate or the Securities Industry diploma. Its shocking the low level of qualifications of stockbrokers and investment managers in the Channel Islands.
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So what do you suggest Susan, apart from the CFA?
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The IIMR/ASIP qualification was the gold standard in the UK until recently when it got subsumed into the UK CFA society. Any investment manager at the big houses, M&G, Standard Life, Schroders etc had to do those exams. I agree that the IMC and SII exams are a poor comparison to that or the CFA. A bit like comparing GCSEs to a decent degree. I remember Ashburton had a fund manager of their Japanese fund base in Jersey with no relevant qualifications other than the noddy IMC multiple choice exam so anything would be an improvement.
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Fair enough Dave, however the difference between the IMC and the SI Dip is huge, especially the derrivatives paper.
Unfortunately neither paper (nor the CFA) are able to magically produce star investment managers!
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I agree that paper is tough but at the periphery of anyone calling themselves an investment manager related to private client work which is what channel island “investment managers” hold themselves up to be doing. If you were a manager of an institutional absolute return fund then it would be a good and relevant test of academic knowledge. I know that one of Jersey’s leading stockbroke’s has a snr director whose only experience was as a beach guard prior to doing that role. Says it all.
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