industry news | Patrick armstrong and ana cukic-munro replace Bambos hambi and his team to head multi-manager divisions
Insight Investment has hired two UBS managers to run its fund of funds service from January, replacing Bambos Hambi and his team, who are moving to Gartmore.
Patrick Armstrong and Ana Cukic-Munro are part of the UBS European Wealth Management Service, as heads of fund and manager selection and portfolio construction respectively.
Within the group's managed accounts, the two are responsible for more than £3bn in private client assets, around five times the £720m Insight has across its 16 multi-manager portfolios.
At Insight, they will be co-heads of multi-manager, reporting to managing director of the department Nigel Whittingham. Whittingham said the group would make further appointments to bolster the team, which was previously five strong including Hambi.
Prior to the pair joining UBS in 2000, Armstrong worked at Deutsche Bank Securities, while Cukic-Munro held positions at Fisher Francis Trees & Watts and Coutts & Co. At Insight, Hambi used a core and satellite approach to portfolio construction, accompanied by a focus on fund philosophy, process, people, performance and price.
While Hambi will be exporting his fund picking methodology, Whittingham said the incoming team is similarly process-driven and investors should not expect radical changes.
"Our priority has always been to provide clients with a benchmark-related return within defined risk parameters and these managers are used to doing exactly that," he said. "We want to offer an institutional quality multi-manager product to the retail market and these managers will provide that."
Armstrong and Cukic-Munro will be the third managers of the Insight fund of funds service in less than three years, the others being Robert Burdett and Gary Potter, who went to Credit Suisse. Although the UBS managers are not established names in the retail fund of funds marketplace, Insight's retail managing director, David Norman, said their process is robust enough to give the multi-manager operation long-term credibility.
Hambi and his deputy Marcus Brookes are to leave for Gartmore in November and Insight has appointed Investment Manager Selection (IMS) as interim manager for multi-manager assets.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till