bfinance appoints Global Head of Client Consulting

Independent investment consultant recruits Jamie Downing, formerly of American Century Investments, to lead worldwide client consulting team

London, 8th April 2024: bfinance, the independent investment consulting firm, today announces the appointment of Jamie Downing as Global Head of Client Consulting, overseeing a team of client consultants across ten countries. Previous Global Head of Client Consulting Mal Hunt, who joined the firm in 2017, is due to depart on 30th April 2024.

Downing has 25 years of experience in asset management and pension consulting including eleven years at American Century Investments, where he was Global Head of Institutional Distribution for nearly five years, and roles at Ardevora Asset Management, Russell Investments and Hargreaves Lansdown.

bfinance, which reaches its 25th anniversary later this year, recently completed a management buyout, moving back into employee ownership under the ongoing leadership of Chief Executive Officer David Vafai.

Growth and diversification
Since 2017 the firm has shown robust growth, with a 103% increase in revenues and the launch of four additional international offices (USA, Italy, Dubai, Hong Kong). Significantly, bfinance benefited from strong demand for private markets among institutional investors during the 2010s and beyond: private market advisory services contributed 46% of the firm’s revenues in the most recent financial year, up from 28% in FY 2017.

The firm has also diversified its client base amid prevailing industry trends, such as the decline of traditional defined benefit pension provision. While Pension Funds still make up the largest client group for the firm, approximately half of revenues of the firm’s revenues in the last financial year derived from this sector, down from 69% in FY 2017. Other client sectors, conversely, have shown strong growth, including Insurance, Wealth Management/Family Office and Endowment/Foundation channels. From a geographical perspective, some 28% of the firm’s revenues over the past year derived from Asia, the Middle East and Africa – up from 11% in FY 2017.

Jamie Downing, Managing Director, Global Head of Client Consulting, said: “I’m delighted to become part of the bfinance team and looking forward to building on the firm’s exceptional reputation for client service and quality. We are fortunate to have a team of experienced senior client consultants now located across ten countries (with clients in many more); my mission is to ensure that every office can deliver outstanding advisory and consultancy support to pension funds, endowments, family offices, insurers and other investors within their markets."

David Vafai, Chief Executive Officer, said: “We are excited to have Jamie joining us in this role as we embark on the next phase of our growth and development. He brings a wealth of experience leading global teams working with both institutional investors and intermediaries. I also want to thank Mal for his valuable contribution to bfinance, on both a professional and a personal level.”