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Edinburgh and New York CEOs Andrew Ward and Charles Ferraz join the Group of Boutique Asset Managers

London, 12th December 2023, Andrew Ward, Chief Executive Officer at the Edinburgh and London-based asset management boutique Aubrey Capital Management, and Charles Ferraz, Chief Executive Officer at the New York-based investment boutique Itaú USA Asset Management, have joined the Group of Boutique Asset Managers (GBAM) to share business perspectives.

GBAM is a global organisation with boutique members across five continents. It comprises specialist asset management firms that share ideas to strengthen their presence in international markets. Ward and Ferraz have joined to add their experience into the mix across the network and increase the presence of both the Group and its constituents across the investment industry.

Andrew Ward has over eleven years of asset management experience following a 22-year career in the British Army. In 2012, Andrew Joined First State Investments from the British Army, where his last role was Commanding Officer of the Infantry Battle School. Andrew initially worked in the EMEA Distribution team of First State Investments, before being promoted to the Head of the Institutional Client Team for Stewart Investors (a separately branded division of First State Investments). He was latterly the Chief of Staff of Stewart Investors, working across the business on a range of multi-disciplinary projects, before moving to Aubrey in January 2019.

In 2019, Ward joined Aubrey Capital Management from Stewart Investors, following a similar path by working across multiple areas of the business as Chief Operations Officer, Chief Compliance Officer and Director. He was promoted to Chief Executive Officer in March 2022.

Charles Ferraz brings over twenty-six years of Brazilian and American asset management experience to GBAM, having worked in São Paulo, Miami and New York. Ferraz began his asset management journey at BankBoston in 1997. As Managing Partner, Ferraz oversaw the BankBoston Asset Management unit and managed approximately USD 13 billion, roughly R$27 billion in AUM as of 2006.

Itaú acquired BankBoston in 2006, and Charles stayed within the business, working across the roles of Head of Investment Strategy at Itaú Private Bank (2006 – 2008), Chief Investment Officer at the Banco Itaú Europa International Miami Headquarters (2008 – 2010) and Chief Investment Officer at Itaú Private Bank Brazil (2010 – 2016).

In August 2016, Ferraz assumed the role of Chief Executive Officer at Itaú USA Asset Management in New York responsible for the operations and the growth strategy of Itaú Asset Management across the USA. Besides his executive role for Itau USA Asset Management, he is the Global Head of Solutions at Itaú Asset Management, responsible for teams based in NY, Miami and Sao Paulo.

GBAM Chairman Tim Warrington said,

"We are thrilled to welcome Andrew Ward of Aubrey Capital Management and Charles Ferraz of Itaú USA Asset Management to our esteemed Group of Boutique Asset Managers. Their expertise and proven success across multiple geographies will undoubtedly enhance our community's collaborative spirit and innovation. We look forward to their valuable contributions to our Group."


Notes to editors:

1. The Group of Boutique Asset Managers (GBAM)

GBAM is a global network of like-minded, independent specialist asset managers who have come together to improve their presence in international marketplaces. GBAM describes boutique firms as having a limited range of products, a close relationship with clients, and a relatively flat organisational structure. GBAM firms tend to be small to medium sized, entrepreneurial, flexible and responsive to changing market conditions. Members tend to focus on the manufacture of investment products rather than mass distribution. Ownership tends to be in the hands of founding partners,

GBAM investment professionals describe themselves as innovative craftsmen who have a creative yet focused approach to fund management with a passion for ‘doing the right thing’ for their customers. They are given the freedom to manage, are driven by performance cultures and pride themselves on the intellectual rigour they bring to asset management.

For press enquiries please contact:

John Morgan, Company Secretary, GBAM Ltd., Tel +44 (0)7796262272


Sam Shelton, Director, Fortuna Asset Management Communications Ltd., Tel +44 (0)7540336998, EM:

Jonathan Boyd, Director, Fortuna Asset Management Communications Ltd., Tel +44 (0)7866459442, EM:


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