UK - Goldman Sachs Asset Management has appointed Merrill Lynch’s David Curtis to the new role of head of sub-advisory.

“He will be responsible for GSAM's sub-advisory business in the UK and Europe, reporting into Nick Phillips, head of third party distribution for Scandinavia and the UK,” the firm said.

It said sub-advisory now accounts for $10bn of a total $100bn in assets under management in Europe. It reckons the market could be worth around €125bn.

Curtis was previously at Merrill Lynch Investment Managers, GSAM said, adding his responsibilities included head of its financial institutions group and co-head of UK third party retail sales.

“David Curtis will drive the further development of GSAM’s sub-advisory business across Europe,” Phillips said.

“He brings market-leading expertise in this field and will build on our successful strategy of targeting and building strong relationships with insurers, banks and multi-managers in the UK and Northern Europe.”

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