Cazenove's five strong multi-manager team including head Mark Harries is moving to SWIP to be replaced by Gartmore's Marcus Brookes and Robin McDonald.
As part of the ongoing strategic expansion of its business, SWIP has appointed Mark Harries to take on the role of head of multi-manager and Simon Wood, Lyndon Gill, Natalie Burnard and Andrew Perham as investment directors.
They will be joined by the existing SWIP Fund Selection Team and will be responsible for SWIP's new stand alone fund of fund and multi-manager product to be sold through IFAs.
Following the team's appointment, SWIP plans to launch a diversified assets fund and a managed equity fund subject to FSA approval. The team already has experience of running these types of funds.
Graham Wood, CIO equities at SWIP, says: "There is a significant amount of experience amongst the team members, which puts us in a good position to launch two new funds which complement SWIP's existing retail offering. As volatility in the markets continues, it is vital that we strengthen our ability to identify experienced managers who can produce returns through a variety of market conditions for our multi-manager and fund of fund capability.
"Our aim for the team over the next few months is to launch two funds, which will enable us to offer retail investors steady rates of return while minimising the risk of downside losses."
Meanwhile, Marcus Brookes, deputy head of Gartmore Investment Management’s multi-manager team, will replace Harries at Cazenove Capital as a director and head of multi-manager.
Robin McDonald, who has worked with Brookes since 2002, will be appointed as joint manager to Cazenove Capital's four multi-manager funds.
Harries and Woods will continue to manage the funds until McDonald arrives at Cazenove in four weeks time. Brookes is set to leave Gartmore in March 2008.
The Cazenove multi-manager range includes: the Global ex UK fund, the Managed Equity fund, the UK Growth fund and the Diversity fund.
Cazenove Capital chief executive Andrew Ross says there will not be any fundamental changes to the funds following the appointments. However, he adds Brookes has a different management approach and style to Harries which is likely to be reflected in the portfolios.
Commenting on the appointments, Ross says: "Multi-manager represents a significant part of our business across all client areas, with assets in the region of £1bn. Attracting managers of this calibre, who share our ambitions in this sector, will enable us to build on our success to date. They will also work closely with our private wealth management and charity businesses."
Brookes works under multi-manager head Bambos Hambi and previously held the deputy head role of Insight Investment’s multi-manager team, which Gartmore bought in November 2003. He worked at Rothschild before joining Insight Investment. McDonald was also part of the multi-manager teams at Rothschild and Gartmore with Brookes.
To comment on this story contact:
Tel: 020 7034 2679
E-mail: [email protected]
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme