Big shake-up in europe funds sector with departures from odey, Schroders and jupiter
European equity desks at a number of management houses are to see fresh faces in the coming months, following changes at Schroders, Jupiter and the establishment of a boutique by Odey's Hugh Hendry.
Hendry is to leave in September to set up Eclectica Asset Management and plans to launch two long-only European funds early next year. Despite leaving behind $1bn in long-only mandates at Odey, Hendry said he is not trying to compete with his former employers.
"It is our intention launch a European ex UK unit trust and Pan European fund in early 2006," he said.
When Hendry leaves he will be taking with him the $310m Eclectica hedge fund he managed, following a management buyout. He is also taking four Odey staff with him: former chief executive Simon Batten; dealer Suren Patel; research analyst George Lee; and head of back office Rohin Dattani.
Meanwhile, Jupiter European Special Situations manager, Leon Howard-Spink has moved to Schroders to take over Adriaan de Mol van Otterloo's European Alpha Plus fund.
As well as assuming responsibility for the £126m onshore mandate, Howard-Spink will also take on the E1.5bn Luxembourg-domiciled Schroder ISF European Active Value fund.
Van Otterloo is leaving the group in December to set up his own boutique. Also departing Schroders is Zafar Ahmadullah, the manager of a number of European offshore portfolios, who will leave in October to establish a new company.
The changes mean that former Gartmore manager Gary Clarke will assume responsibility for two of the group's offshore funds, Schroder ISF European Equity and Schroder ISF European Equity Alpha when he joins in September. Ex-Schroders Japanese equities manager Denis Clough, fresh from a year-long sabbatical, is to manage the group's core £272.3m European fund.
Once the moves are completed, Schroders' European team will increase from five managers to six, supported by 17 analysts.
Over at Jupiter, Cédric de Fonclare has become lead manager of Howard-Spink's £236m Jupiter European Special Situations unit trust. He will take the number of holdings from 57 to near the 70-mark, with holdings ranging from 0.8% to 3.5% for punchier bets in his top 20.
De Fonclare, who previously ran the Jupiter Pan-European Growth Sicav, tends to hold a mixture of growth and value stocks in his portfolios.
He typically has an emphasis towards the former, although re-balances depending on prevailing market sentiment.
"At the European team we follow the same kind of investment approach, so you should not expect any change in style," he said. "Where there may be differences is in stock selection."
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