david ballance and nicholas malins-smith are among those without funds to run
At least 14 fund managers at Insight Investment have been stripped of their portfolios, including David Ballance, David Cryer and Nicholas Malins-Smith.
The portfolio changes were the final result of Insight's merging its funds team with that of Rothschild Asset Management (RAM).
Eleven of the affected managers are former lead or deputy managers on Insight funds, while the other three managed portfolios at RAM.
Retail managing director at the group David Norman confirmed Insight is unlikely to find roles for all the managers not included in its finalised teams but could not comment on individual cases.
He said: 'We have finished our selection process and appointed who we feel are the right people to the various roles on offer. As for the managers not included in the equity and bond teams, we are still in discussions about their future options and whether they take up any further opportunities depends on individuals. It is fair to say the majority are unlikely to do so.'
Insight has also confirmed it is to merge the Five Arrows retail Oeic into its own, primarily because it is unable to continue using the Five Arrows or Rothschilds brand names.
The Five Arrows branded funds are to move across into the Insight Oeic and duplicate funds will be merged away into Insight portfolios in due course. Many of the Rothschild portfolios are fairly small in terms of assets under management, with UK Smaller Companies the largest at £68m, and most have similar Insight counterparts.
The only Five Arrows funds without direct equivalents are the £10m European Bond and £21m UK Major Companies funds. Lucy Speake is to take over from Cryer on the UK Corporate Bond and UK High Yield funds, while Iain Scotland has been replaced on the Insight UK Small Cap fund by Paul Marriage.
Other managers omitted from the announced teams include James Grieve, for whom Insight launched two funds, UK Equity and UK Select Opportunities, just last September. Both funds are being taken over by former RAM manager Charles Deptford.
In addition, the group has changed managers on mainstream European, US, Japanese and Far Eastern portfolios, with Vanessa Barnato, James McLellan, Stephen Adams and Garry Mackenzie all stripped of portfolio management responsibilities. Of the managers Insight inherited from Rothschilds, three have been left out of the teams, namely Ballance, Malins-Smith and Jonathan Groom. Groom's Five Arrows UK Major Companies fund also passes to Deptford, while Marriage assumes responsibility for Malins-Smith's Five Arrows UK Smaller Companies.
As a result of Insight's restructuring, there will also be management changes on two of the three portfolios it runs on behalf of the trade union's TU Fund Management.
The group's retail CIO David Kiddie oversees these funds and the mandates have followed him from Hill Samuel to Rothschilds and now to Insight.
TU European, previously run by Ballance, will be taken on by Aidan Farrell, with Rebecca Newstead to assume responsibility for TU British from Deptford.
TU Income will remain under the stewardship of Michael Amey, now head of Insight's UK fixed income desk.
TU Fund Managers said it was awaiting written confirmation from Kiddie on the changes.
Patience must be a watchword
'Misleading, unclear, unfair' promotions
Will extend to wider models
1,414 in 2017/18
UK Multi Cap Income sees success