Senior portfolio managers at the Abu Dhabi Investment Authority Terry Ewing has left the world's second-largest sovereign wealth fund to join Mediolanum Asset Management as head of equities, with the Irish asset manager set to build out its internal investment capabilities.
Based in Dublin and reporting to head of market strategy Brian O'Reilly, Ewing will help guide Mediolanum's investment strategy and its investment solutions business via its investment committee.
Working closesly with CIO Christophe Jaubert, he will also be primarily responsible for developing Mediolanum's equities securities business, which is a key strategic objective for the firm's development.
The asset management industry is in a period of consolidation, and we believe we are now aggressively bucking the industry trend by looking to significantly increase our skills and competencies in a number of strategic areas, which will be instrumental for our future growth."
The Mediolanum International Funds is set to hire more equity investment professionals as part of this push, having previously focused on long-term relationships with external firms via its multi-manager approach.
While it will maintain the multi-manager approach, the firm said it is "pursuing the value of diversification" by building up its internal capabilities.
O'Reily said: "Terry joins MIFL at a very important time for the business, and as we look to build out our internal asset management capabilities on stock selection.
"He will play a critical role in ensuring we build a world class stock picking investment process leveraging his extensive experience, and expertise, to achieve this goal."
Ewing, who has 26 years of asset management experience, most recently served as part of the Abu Dhabi Investment Authority's global team.
Prior to that, he spent eight years as head of North American equities at Ignis Asset Management in London, and has also headed North American and Global equity investment teams at Old Mutual Asset Management and Britannic Asset Management.
Furio Pietribiasi, CEO at MIFL, said: "The asset management industry is in a period of consolidation, and we believe we are now aggressively bucking the industry trend by looking to significantly increase our skills and competencies in a number of strategic areas, which will be instrumental for our future growth."
"Following the success of recruiting market leading talent, such as Charles Diebel for our fixed income team, our aim now is to build on the strength of the results of the existing equity team."
He added, "By expanding our internal competencies, we believe we can achieve better economies of scale and a reduction in costs for our clients, while also maintaining manager diversification and delivering strong performance."