There used to be this moat that created a great business model for Swiss banks -- it’s gone,” said Friedman, who was hired into the newly-created CIO position by former UBS Chief Executive Officer Oswald Gruebel in March 2011.
According to the report, the fund may look to favor shares of smaller companies over those of larger ones, and undervalued stocks over high-growth stocks.
Its survey of 2,028 people from households with incomes of more than £50,000 found that while 81% would seek financial advice, only one in eight would pay for an ongoing service.
Openwork, which is 25 per cent owned by Zurich, acquired national IFA 2Plan in July 2011 after announcing the deal in September 2010.
The national wealth manager has historically been opportunistic in expanding its regional presence, such as when it opened its Liverpool office in August 2010 on the back of acquiring a local employee benefits firm.
Included in the squad will be Harlequins and England captain Chris Robshaw and fellow internationals Mike Brown, Ugo Monye, George Robson and Nick Easter.