People Moves: CEO appointed at family investment group; JP Morgan banker joins family office

A Seilern becomes head of his family’s investment group

Tassilo Seilern has become chief executive of Seilern Investment Management, a family business managing more than $2 billion for its clients, and chaired by his uncle Peter.

Following his move, Tassilo Seilern will continue to head up research, while his father, Francis, remains a director of the company.

Seilern Investment Management has hired Stuart Gunderson as chief operating officer from value boutique Kiltearn Partners while Jean-Michel Boehm, Seilern’s former CEO remains an executive director to help with the transition.

Tassilo Seilern is descended from the aristocratic Graf Seilern Und Aspang family of Austria, profiled in Family Capital.

He has worked at the firm for ten years. His research has helped to make it one of Europe’s top exponents of quality-growth investing. Over the five years to June its flagship World Growth fund has delivered an annualised 13.9% against 6.9% from the MSCI World index.

Tassilo Seilern says liquidity has inflated prices in certain pockets of the stock market. But he believes intellectual capital and software have helped companies to achieve amazing growth from relatively slim balance sheets, adding that this process is set to continue.  

He points out earnings prospects need to take full account of the quality of technology employed by companies. The potential in different types of software can vary enormously.

He warns the value/growth debate is failing to take account of developments like these: “We’ve moved to an intangibles-based economy as compared to the industrial base which used to support value stocks.” 

JP Morgan banker joins family office as CIO

Philip Bickerton, a former executive director for JP Morgan, has joined Denlow Private Trust Co, a family office, according to Bickerton’s LinkedIn profile. 

Denlow Private, based in Bermuda, is the investment office of Anthony (Tony) Weldon, a successful commodities trader. His family’s London-based commodities house was sold to Phillip Brothers many years ago. 

Bickerton, according to his LinkedIn profile, is the CIO at Denlow. He had worked for JP Morgan for more than 11 years and is remains based in London.