JO Hambro UK equity income manager Clive Beagles is taking a six-month sabbatical.
Beagles made the decision to take the sabbatical on health grounds and will pass management of the £533m fund to James Lowen. The news was revealed exclusively by Money Marketing Online. Beagles joined Hambro from Newton in 2004 and his UK equity income fund has become a fixture on advisers’ buy lists.
It is a big blow to Hambro as Beagles is arguably the biggest name at the firm, with 17 years experience in UK equity income.
Morningstar figures show the fund is third quartile since launch, placed 45th out of 75 in the UK equity income sector.
Lowen is also a former Newton employee, having joined JO Hambro in September 2004.
Hargreaves Lansdown senior adviser Ben Yearsley says: “We will put the fund on hold as we have to take it at face value that Clive will be back in six months.”
JOHCM chief executive Nichola Pease says: “After 18 years in fund management and three years with JOHCM, Clive has decided to take some time out to recover from recent illness. During his absence, the running of the portfolio will be taken over by James Lowen who has worked alongside Clive since the launch. He will be supported by John Wood, manager of the UK opportunities fund.”