Firms to take on investment work

Two more law firms are entering the investment management arena, with the appointment of investment managers.

Norwich-based Steele & Co has recruited Philip Perry to create a stockbroking and portfolio management department to be run within the private client department, headed by partner Jeremy Whigham.

The department will complement the existing life and pensions business built up by the firm over the last three and a half years.

It will offer advisory, discretionary and execution-only stockbroking to the firm's clients and the general public.

Perry, who joined the 17-partner firm from the Norwich branch office of stockbrokers Greg Middleton & Co in November, will inherit significant funds to manage from existing firm clients.

"We are just having systems put in so I can get a full private client stockbroking service up and going," he says. He says the firm will be also looking to handle private investors, as well as corporate work.

Edinburgh law firm Gillespie MacAndrews has appointed Charles Fotheringham as investment manager of funds estimated at over u30 million.

Fotheringham joins Gillespies' four-strong investment department this month from Merrill Lynch in London.

Tom Murray, partner in charge of investment activity within the firm's private client department, says he too expects to be more closely involved in the active running of discretionary and advisory portfolio management services.