Baring Asset Management (BAM) is considering launching sector-based and hedge fund vehicles. The new...
Baring Asset Management (BAM) is considering launching sector-based and hedge fund vehicles.
The news comes in the wake of a series of high profile fund manager departures in recent months.
The latest to announce his resignation is Matt Lindsey, formerly part of the emerging markets team.
His resignation follows the departure of Rory Landman, head of emerging markets equities, and Martin Taylor, head of EMEA.
Lindsey will be joining Deutsche Asset Management as head of emerging equities. Landman and Taylor will join Thames River Capital where they will run an Eastern Europe long/short hedge fund as well as a traditional long-only vehicle.
Other departures from BAM have included Chris Poyle, head of UK equities, and Will Braman, chief investment officer, as well as Mark Latham, head of global resources.
Rob Page, marketing director at BAM, said: "The spate of departures we have suffered has been for a number of reasons. Several have been prompted by our refusal to allow them to run hedge funds on which they were remunerated on an individual basis.
"We feel that for an investment manager running emerging market pooled funds and segregated portfolios to also run a hedge fund of that type would be a conflict of interests for both the client and the manager.
"It is not the BAM style to have that kind of tiered structure. All our assets are run on a team basis."
Nevertheless, it is currently reviewing its product range and considering setting up vehicles such as sector-based, high alpha or hedge funds.
"If we do decide to launch hedge funds, they will be run in a collegiate, team-based style rather than as an individual vehicle for a star fund manager," Page said.
In the short-term, Kate Munday has been appointed to head global emerging markets. She runs the Baring Peacock fund which invests primarily in India and has been a member of the Baring global policy group for some time.
At present, the company is actively attempting to recruit a permanent head of global emerging markets. It has also recruited Klaus Bockstaller from UBS Brinson to take over the Baring Emerging Europe fund, formerly run by Landman and Taylor.
"People have said we have lost the key elements of our emerging markets team, but I would dispute that. Of our four emerging markets regional heads we have retained three - Gabriel Wallach, Khiem Do and John Payne.
"Our emerging markets team comprises 25 people and although Landman, Taylor and Lindsey are unfortunate losses, we are not under-resourced in this area," Page said.
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