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ABN Amro is hit by dual UK fund star defections to Framlington

ABN Amro has been dealt a hammer blow as star fund managers George Luckraft and Nigel Thomas have quit to join Framlington&#39s UK equity team.

In a move Framlington claims will create the strongest UK team in the City, Luckraft will manage its UK equity income fund while Thomas will run its UK special situations fund. They will work alongside Chris Murphy, who runs the UK growth funds, and Roger Whiteoak, who manages UK smaller companies. Thomas and Luckraft manage a total of £1.3bn in ABN&#39s flagship UK funds.

Both have one year left on their contracts with ABN Amro but Framlington is hoping that it can come to an agreement with ABN to enable them to start sooner.

Framlington marketing director Craig Walton says: “The addition of Nigel and George to our UK team will, I believe, create the strongest UK equity team,bar none.”

ABN communications director Nick Wells says: “It is a setback but we are holding them to their contracts so we will have time to find pedigree replacements. It does not scupper us completely.”

Chelsea Financial managing director Darius McDermott says: “This will be a devastating blow to ABN Amro and a huge boost for Framlington. Framlington will have a UK management team to be rivalled but ABN will be hard pushed to find one – let alone two – replacements of similar calibre.”

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