Beagles is understood to be taking the sabbatical on health grounds and will pass over the management responsibilities to his number two James Lowen.
Beagles joined JO Hambro from Newton back in 2004, launching a UK equity income fund that has quickly become a permanent fixture on a number of adviser buylists. This is despite the fact that the £533m fund has been third quartile since launch coming 45 out of 75 vehicles in the UK equity income sector, according to figures from Morningstar.
The news will come as a big blow to JO Hambro as Beagles was arguably the biggest name at the group having had some 17 years experience in the UK equity income sector.
Lowen is also a former Newton employee, having left to join JO Hambro back in September 2004.
JOHCM chief executive Nichola Pease: “After eighteen years in fund management and three years with JOHCM, Clive has decided to take some time out of the industry 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 of the fund. James will be supported by John Wood, manager of the JOHCM UK Opportunities Fund.”
Hargreaves Lansdown senior adviser Ben Yearsley says: “This is a big blow for the firm as he is arguably their biggest name. Undoubtedly we will put the fund on hold as we have to take it at face value that Clive will be back in six months, whether that is the case remains to be seen. I would expect a number of firms will put his fund on hold to see if he returns.”