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ABN star Thomas quits Solus to run new UK fund

ABN Amro is to set up its first new fund for two years after it quit its contract to manage the top-performing Solus UK special situations fund.

Star fund manager Nigel Thomas, who has advised on the Solus fund since October 1996, will step down on March 1.

ABN will use Thomas&#39 expertise to launch its own UK special opportunities fund later in March.

The move comes as a blow to Solus, which has outperformed all 233 funds in the UK all companies sector under Thomas&#39 management.

The fund is ranked first in the sector over three years on a bid to bid basis with net income re-invested. It is more than 100 per cent ahead of the second-placed fund – ABN Amro&#39s UK growth fund – which is also managed by Thomas.

Nick Greenwood from boutique Henry Cooke Fund Managers will take over management of the Solus fund from March.

ABN Amro product & communications director Nick Wells says: “Market volatility looks set to continue and, while it is bad news for some, that volatility presents opportunities for skilled, active managers.

“Nigel Thomas&#39 proven track record has shown that he is capable of achieving higher than average returns consistently over a long-term period.”

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