Manager Changes - June 2009 Legg Mason Royce US Small Cap Opportunities:
Buzz Zaino, manager of the Legg Mason US Small Cap Opportunities fund has handed control to his deputy, Bill Hench. Hench has been Zaino’s deputy on the fund since its launch in 2002, and Zaino will take on the role as the fund’s deputy. There should be no significant changes to the investment process and the statistical valuation methodology will remain in place.
RWC American:
Mike Corcell has joined RWC Partners to launch an American long/short equity fund. Prior to joining RWC Corcell was the manager of the Threadneedle American Crescendo fund, and he will utilise the same process he used at Threadneedle on the RWC fund.
GLG Technology Equity:
GLG have appointed Phil Pearson and Anthony Burton to take over the management of the GLG Technology Equity fund following Hugh Grieves’ departure from GLG. Grieves left the firm following their acquisition of Sociètè Générale Asset Management (SGAM). Together Pearson and Burton also manage an absolute return technology fund for the group.
Thames River UK Absolute Income:
Joel Amsellem has left Quantum in favour of Thames River and will be bringing his UK Absolute Income fund him as Thames River seek to grow its income yielding product range. Mark Mathias, the former Chief Executive at Quantum, has also moved to Thames River, although on a temporary basis to help oversee the transition of the UK Absolute Income fund and he will work on other projects in the quantitative division.
Investec Global Special Situations:
Mark Wynne-Jones has been appointed as the co-manager on the Investec Global Special Situations fund, managed by Alistair Mundy. Wynne-Jones has been with the group since 2005.
Jupiter Split-Capital Investment Trusts:
Jupiter is planning to merge three split-capital investment trusts and re-launch them as a single tax efficient trust, which will be managed by Phillip Gibbs. The affected trusts are the Jupiter Second Enhanced Income trust, managed by Tony Nutt, the Jupiter Defined Capital Return trust, managed by Phillip Gibbs, and a Jersey domiciled passively managed vehicle. The merged trust will be structured in a similar way to that of Gibbs’ current trust and will have an absolute return objective. The existing trusts will reach the end of their planned lives on October 30th 2009.
Gartmore European Select Opportunities:
Roger Guy and Guillaume Rambourg are to step down from running the Gartmore European Select Opportunities fund in next year and hand responsibility over to John Bennett. Bennett is joining from GAM, where he currently manages their Star Continental European Equity and Star European Equity funds, and will also take control of the Gartmore SIVAC Continental European fund. Guy and Rambourg will remain with the group and will focus on managing two European Absolute Return funds, as well as several hedge fund mandates.
Liontrust Global Equity:
Ross Hollyman has left GAM to join Liontrust where he will launch a global equity range and make further appointments to his team in the near future. Hollyman will develop investment processes named Global Value, Global Earnings Surprise and Global Multi-Factor, and it is anticipated that a number of funds will be launched. At GAM, Hollyman is an investment director managing the Star UK Dynamic Equity, UK Equity Hedge, European Systemic Value and Income, Star Absolute European Systematic and Star European Systematic Value funds and will formerly join Liontrust in January 2010. Furthermore, Liontrust is planning to launch a European Value fund for Hollyman to manage.
Investec Fixed Income:
Investec Asset Management has hired Jeff Burch as co-head of credit within its Fixed Income team, and to run the Global Credit Opportunities fund for the group. Burch joins from Blue Mountain Capital, where he was a credit hedge fund manager, and will join John Stopford, the other co-head of credit, and take responsibility for the day-to-day specialist credit team.
Old Mutual Fixed Interest:
Stewart Cowley has taken over management of two fixed interest funds at Old Mutual, the Dynamic Bond and Global Strategic Bond funds, replacing the previous managers, Chris Palmer and Richard Stevens, in the process. Cowley was recently appointed as Head of Fixed Interest at Old Mutual following his arrival from Newton.
Gartmore UK Equity:
Gartmore have appointed Luke Newman from Altima Partners to work on the British equities desk as a portfolio manager. Newman will work with Ben Wallace on the group’s UK Absolute Return fund and on the AlphaGen Octanis hedge fund.
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