Friends Ivory & Sime is closing its U.S. asset management operation in New York and will relocate money management staff to its London head office. The New York office will focus only on sales and marketing operations, said Gary Mairs, retail and institutional business managing director.
FIS manages £1 billion ($1.4 billion) in U.S. assets, 10% of which is for institutions, and has £37.4 billion in total assets under management.
