Slack stands down as MD

Portfolio Partners founder and joint managing director David Slack will step down from overall management of the group to lead the investment strategy part of the group.

Former head of institutional sales at BT Funds Management, Craig Bingham, will take over as managing director after joining Slack as joint managing director in February. Bingham came in to replace the other Portfolio Partners founder Keith Ince, who left the group earlier this year.

Ince and Slack formed Portfolio Partners in 1994 after leaving County Investment Management. Both were involved in its transition into Norwich Union nearly three years ago. As well as holding the position of joint managing director, Slack was also chief investment officer.

In his new role Slack will undertake equity research and be involved with the development of the company’s investment analysis team and his duties as chief investment officer split into three components.

As a result of the split Slack will remain as the chairman of the investment committee while new investment specialist Robert Fowler, also previously with BT as a business development manager, will take on the role of custodian of the investment process. The third position of risk profiler will be carried out by a yet to be hired senior executive.

Norwich Union chief executive officer Rob Garnsworthy says the change of structure was part of a defined succession plan for the group with Slack’s deputy Chris Kourtis taking over from him earlier this year as head of equities. Kourtis was in turn followed by Glenn Hart who took up the deputy head of equities role.