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Advisers assess the industry jousting

IFAs say the argument between Neptune and Britannic over two fund managers moving reflects fund companies’ sensitivity at losing managers.

Chelsea Financial Services managing director Darius McDermott says: “This is just industry jousting. I am not going to come down on either side. Neptune are likely to be disappointed and if they feel that Britannic have over-represented Russ then they have a right to complain about it.”

Hargreaves Lansdown senior analyst Meera Patel says: “Maybe Britannic overstated his exact role but Barry Norris was the European opportunities fund manager and if he felt that Russ was worth poaching then he is. If Russ was working in an analytical role at Neptune, he may well have covered European stocks as well as UK ones.

“Neptune have lost two very good people, and we are concerned that their managing director Robin Geffen will have too much on his plate managing this fund on top of his others unless he can find a replacement manager.”


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