Biotech manager Powell joining Polar Capital
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Axa Framlington biotechnology fund manager Gareth Powell has left the firm to join Polar Capital.
Powell took over the biotech fund in April 2005 from veteran manager Antony Milford.
He is set to start at Polar Capital in October and the company is looking at launching a number of healthcare mandates for him and he will also run a hedge fund.
Framlington health fund manager Dr Deane Donnigan will run the biotechnology fund in the interim alongside Milford who has been increasingly stepping back from day to day fund management.
The group has also recruited Gemma Game from BlackRock to work with Donnigan and Milford on both funds.
Game, who starts in October worked ins BlackRock's global equities team and become lead manager on Axa Framlington's offshore health fund.
Chief executive Robert Kyprianou says: "Axa Framlington remains committed to its specialist funds and this appointment to the healthcare team is evidence of this."
Hargreaves Lansdown senior investment manager Ben Yearsley says: "Powell did a good job on the fund so replacing him may not be easy in a market that is not particularly sexy."
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