Pastures new for Pauly

John Pauly quits Dexia to spearhead distribution at Moventum.

Famously outspoken European fund industry personality John Pauly has thrown in the towel after nearly 25 years at the Dexia group. Mr Pauly exclusively revealed to PWM that he has quit his role as managing director of the Franco-Belgian banking giant’s Luxembourg-based transfer agency subsidiary First European Transfer Agent (FETA) in order to “get closer to distribution”. He has accepted the post of chief executive of a new company, Moventum. The Luxembourg-based firm provides small banks and independent financial advisers (IFAs) with a full suite of services, including access to institutional investment funds, back-office support and asset allocation tools. It is currently marketing in Germany, but plans to operate throughout Europe, wherever the IFA market is strong. Mr Pauly explained his decision to move: “If I believe in what I’ve been saying for the past few years at conferences, then distribution is the future. Transfer agency was close to it, but Moventum is closer.” He declined to say how many clients he has signed up, but said Moventum was confident of reaching critical mass – E1-2bn in managed assets – within three years. Mr Pauly’s exit from FETA suggests the subsidiary, strongly independent from its parent until now under its larger- than-life MD, could be brought more closely into the Dexia fold.