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Rating:A New York Asset Manager Hires a New Chief Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 07, 2013

A New York Asset Manager Hires a New Chief

Reported by Tommy Fernandez

The growth boutique W.P. Stewart & Co. [profile] has hired Michael Maquet to serve as its chief executive, effective June 10, 1013.

He most recently served as chief executive and president of Madison Square Investors for four years. Madison is a subsidiary of New York Life Investments.

Before working at Madison, Maquet served as managing director and head of global rates, FX and volatility at Drake Management. He also spent seven years with Prudential Investment Management, ultimately serving as a senior managing director in product development at Quantitative Management Associates, a wholly-owned Prudential subsidiary. He had also been a principal at PIM's fixed income and hedge strategy units. Maquet also had worked with Merrill Lynch and J.P. Morgan.

Stewart manages three mutual funds, only one of which is marketed in the U.S.: the WPS U.S. Concentrated Growth Composite Fund.

Stewart's other senior management team includes Mark Phelps, president and managing director of global investments, and James Tierney, managing director and chief investment officer.

Here is the press release:
Company Press Release

W.P. Stewart & Co., Ltd.Press releaseW.P. Stewart & Co., Ltd. Appoints Michael Maquet as Chief Executive Officer

NEW YORK, 2013-06-07 14:38 CEST -- W.P. Stewart & Co., Ltd. ("W.P. Stewart" or the "Company") today announced that Michael Maquet will join the Company as Chief Executive Officer as of June 10, 2013. Mr. Maquet will join the other members of the Company's senior management team, Mark Phelps, President and Managing Director--Global Investments, and James Tierney, Managing Director--Chief Investment Officer of the Company.

Mr. Maquet joins W.P. Stewart having spent his career in the financial services industry, most recently at Madison Square Investors (2009-2013), an equity asset management firm, where he served as CEO and President. He brings to the Company a wealth of industry knowledge, functional experience and leadership skills.

Commenting on the new appointment, Mark Phelps said, "We welcome Mike to the W.P. Stewart team and are excited about the value he can bring to the firm. I look forward to working with him in developing the Company and welcome the opportunity to devote more of my time to expanding the global investment strategy of W.P. Stewart."

Mr. Maquet added, "I am thrilled to have the chance to lead a firm with such a long and solid track record. I look forward to helping the Company more fully realize its significant potential."

W.P. Stewart & Co., Ltd. is an asset management company that has provided research-intensive equity management services to clients throughout the world since 1975. The Company is headquartered in New York, New York and has additional operations or affiliates in Europe.

The Company's shares are currently traded on the Pink Sheets under the symbol "WPSL".

For more information, please visit the Company's website at http://www.wpstewart.com, or call W.P. Stewart Investor Relations at 1-888-695-4092 (toll-free within the United States) or 1-212-750-8585 (outside the United States) or e-mail to IRINFO@wpstewart.com. Statements made in this release concerning our assumptions, expectations, beliefs, intentions, plans or strategies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements. Such risks and uncertainties include, without limitation, the effects of the Company's 2010 corporate reorganization, the adverse effect from a decline or volatility in the securities markets, the general downturn in the economy, the effects of economic, financial or political events, a loss of client accounts, inability of the Company to attract or retain qualified personnel, a challenge to our former U.S. tax status, competition from other companies, changes in government policy or regulation, a decline in the Company's products' performance, inability of the Company to implement its operating strategy, the effects of the Company's delisting and deregistration under the U.S. Securities Act of 1934, inability of the Company to manage unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations, industry capacity and trends, changes in demand for the Company's services, changes in the Company's business strategy or development plans and contingent liabilities. The information in this release is as of the date of this release, and will not be updated as a result of new information or future events or developments.

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