Patrick Evershed is to join New Star Asset Management, where he will run a fund similar to the £26.4...
Patrick Evershed is to join New Star Asset Management, where he will run a fund similar to the £26.4m Special Situations portfolio he managed at Rathbones.
Evershed left Rathbones three weeks ago claiming his position had been made intolerable by the company. He is now considering suing Rathbones alleging constructive dismissal.
Since leaving Rathbones, Evershed said he has had received more than a dozen job offers.
On joining New Star, he will receive an equity stake in the firm as a golden handshake and will manage a fund to be launched especially for him. 'They kept talking about my retirement from Rathbones, which hit my morale,' he said. 'So to be offered a chance to start a new fund is very exciting.'
Evershed expects to start work at New Star within the next two weeks. He will use the same style on the new portfolio that made his the top performing AA-rated fund out of 285 over twelve months to 31 December 2001, on an offer-to-bid basis, according to S&P figures.
At Rathbones, Evershed's management style combined stock selection with top-down economic and political analysis. As well as investing in UK equities, he sought opportunities abroad in markets such as China.
Evershed joined Rathbones in 1991 after winning £42,000 in damages from previous employer Framlington.
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