Cazenove Capital Management chief executive Andrew Ross says the firm is likely to expand its £1bn multi-manager range on the arrival of Gartmore’s Marcus Brookes.
Brookes has quit as Gartmore’s deputy head of multi-manager and will head Cazenove’s fund of fund business from March 2008, with analyst and current Gartmore colleague Robin McDonald joining as comanager in early October.
Ross says: “We know how well Marcus understands the market and the fact that Gartmore runs its multimanager offering in a similar vein to ourselves made him an ideal choice to take the helm.”
Gartmore has a range of five multi-manager funds and Brookes has been number two to multi-manager head Bambos Hambi.
Ross says that Cazenove is keen to build on Brookes’ knowledge in certain areas of the market.
He says: “We want Marcus to get his feet under the table but I would say that it is very likely that we will expand our offering.”
Cazenove’s multi-manager team, led by Mark Harries, is joining Scottish Widows Investment Partnership, with two fund launches planned in early 2008.
Harries and co-lead manager Simon Wood will pass on Cazenove’s four funds to McDonald in early October before leaving to join Swip on December 9.
Ross says that there will be little disruption to the running of the funds.
He says: “We have always adopted a style of picking by the best managers and then sticking by them, regardless of conditions. There will be little or no change in the interim.”
The latest multi-manager merry-go-round follows Resolution recruiting three members of Fidelity’s team and Gary Potter and Robert Burdett’s defection from Credit Suisse to Thames River earlier this year.