The pace of fund managers moving between groups has continued, with Morley Investment Managers losin...
The pace of fund managers moving between groups has continued, with Morley Investment Managers losing three key fund managers to Clerical Medical Investment Management, the asset management arm of the HBOS group.
CMIM also poached Alan Denholm, Scottish Widows' head of US equities, in a week in which Invesco Perpetual, Henderson Global Investors and Merrill Lynch Investment Managers all recruited fund managers. Lazards and MLIM also saw fund managers depart.
The CMIM appointments come as the group has split its investment management division into two parts, one focusing on institutional mandates and the other on retail business.
The splitting of the business will result in the launch of a fund range for the retail market, with a European equity fund launch confirmed for later in the year.
For Morley, the resignation of the managers comes just two weeks after the loss of manager James Gledhill.
Iain McNeill, manager of the £20m Morley European Focus and £225m Norwich European Equity funds, is one of the managers to go to HBOS. McNeill's European desk colleague David Headland moves with him and the pair will manage the soon-to-be-launched European fund.
The final Morley manager to join HBOS is its UK head of institutional investment, Ian Brown. At CMIM, Brown will manage the group's £953m UK Equity pooled pension fund.
Denholm has been made CMIM chief investment officer for institutional business, reporting to overall group CIO Michael Deakin. Denholm has been replaced as head of US equities at Scottish Widows Investment Partnership by Christine Martin, previously a fund manager on the US desk.
A decision has yet to be made on who will replace Brown as head of UK institutional investment. However, McNeill is replaced as manager on his funds by Gavin Corr, a fund manager on the European desk recruited earlier this year from American Express Asset Management. The restructuring at CMIM will see a new CIO for the retail business named later in the year, Douglas Ferrans, chief executive at HBOS, said.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till