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W.P. Stewart & Co., Ltd. Appoints CEO of European Subsidiary
Chief Executive Officer of W.P. Stewart & Co. (Europe), Ltd., the Company's London-based research and investment sub-advisory subsidiary. Additionally, Mr. Rawlinson will be named a Deputy Managing Director of the parent company,
W.P. Stewart & Co., Ltd., and will be expected to contribute to the Company's global business development.
Until recently, Mr. Rawlinson served as a Director of Monitor Company, a strategy consulting firm. He joined Monitor in 1984, founded their European consultancy practice in 1985, ran their operations in Japan from 1990 to 1993 and established their Hong Kong operations between 1993 and 1996. Prior to joining Monitor, he was a Banking Executive with J Henry Schroder Wagg & Co Limited and an Associate Fellow at Harvard Business School.
The Company also announced the addition of three experienced individuals to its global research and portfolio management team -- Tomaso Cremonesi and Andrew Headley in London and Ebrahim Busheri in New York. Prior to joining W.P. Stewart, Mr. Cremonesi was an analyst with an award-winning research teamwithin the equity research group at Fidelity Investments, covering companies
in various industries in the pan-European sector. Mr. Headley joined W.P. Stewart from Newton Investment Management in London, where he was aninvestment analyst and, most recently, a fund manager managing Continental and pan-European segregated portfolios. Mr. Busheri, a CFA, spent the last 12 years at Manning & Napier Advisors, most recently serving as its Director of
Technology Research and Managing Director-Equity Research.
The Company also noted the completion of its previously announced acquisition of a controlling interest in TPR & Partners NV, an asset-gathering
firm based in The Netherlands. The Company acquired TPR through the acquisition of shares in W.P. Stewart Asset Management (Europe) Ltd.
(WPSAM-Europe), a Bermuda company, which will serve as the umbrella for the Company's European asset gathering and client servicing activities. W.P. Stewart & Co., Ltd. purchased 9,000 of WPSAM-Europe's 12,000 outstanding shares in exchange for 330,000 common shares of the Company. Current
beneficial owners of TPR and their assigns will continue to hold the remaining 3,000 shares of WPSAM-Europe until 30 June 2006, at which time the Company will acquire those shares at a fair value price determined on the basis of WPSAM-Europe's then most recent 12-month operating results.
W.P. Stewart & Co., Ltd. is an asset management company that has provided research-intensive equity management services to clients throughout the worldsince 1975. The Company is headquartered in Hamilton, Bermuda and has
additional operations or affiliates in the United States, Europe and Asia.
The Company's shares are listed for trading on the New York Stock Exchange
(symbol: WPL) and on the Bermuda Stock Exchange (symbol: WPS).
For more information, please visit the Company's website at http://www.wpstewart.com, or