In an effort to bolster its client base abroad, Turner Investment Partners has hired Peter Yarrow as managing director of its newly formed Turner International unit.

Yarrow will lead business development efforts in the region, charged with growing Turner’s business in the U.K., Continental Europe and the Middle East. Pending the necessary regulatory approvals, Yarrow says Turner will be opening an office in the City of London where he will be building a team.

Turner’s trading and fund management operations will remain in the U.S., but Yarrow will work to build a team to service the fund manager’s client base abroad. “My focus will be on the client-facing piece in Europe so clients can be more relaxed about looking at Turner as prospective fund manager with their accounts serviced in their time zone by a local team,” explains Yarrow.

He adds that there are a wide range of prospects Turner hopes to tap in the area, from large advisory funds to sub-advisory for retail banks in France, Spain and Italy. “These banks use a retail network to distribute a range of funds, but they don’t regard themselves as primary fund managers so it’s a great opportunity for the use of sub-advisors to manage those assets,” says Yarrow.

The Middle East in particular is an important area of focus for Yarrow. “The big state funds are generating huge revenues as Middle Eastern countries are putting aside money for the day when oil runs out,” he says. “They are investing similar to the way pension plan investments do, taking the 30- to 50-year view across many asset classes. Many have their own internal fund management teams, but to a large degree many also use external fund managers.”

Turner currently focuses mainly on U.S. growth equities, but does have international equity strategies as well. “International equities are still a relatively small part of the overall business, but part of the longer-term plan is to develop and roll out additional international and global growth strategies,” Yarrow adds.

Most recently Yarrow served as senior investment director at Fidelity Pensions Management in London. Turner currently has about $25.2 billion in assets under management.

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