JO Hambro is to launch its first retail investment fund to be run by Mark Costa, who has left his po...
JO Hambro is to launch its first retail investment fund to be run by Mark Costa, who has left his position as UK fund manager at Clerical Medical, writes Simon Falush.
The UK unit trust will be the first of around four funds aimed at the retail market and the company said it is in the process of hiring new managers. JO Hambro said it will spend several million pounds building up its retail operation.
The niche manager is also taking on Nicholas Meacham from Brinson PND to take charge of the Trident North Atlantic hedge fund.
Costa's departure could herald more fund managers leaving Clerical Medical, according to Bambos Hambi, head of portfolio services at Rothschild Asset Management. He said the extra funds under management from Equitable Life's asset management arm could alienate managers who may not want to be part of such a large organisation.
He said that the upheaval has meant that Rothschild decided to delay the decision about whether it would put funds into Clerical Medical products until the situation at the company became clearer.
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According to Cicero report
Adds 24 staff, three offices and £275m AUA