Threadneedle European select fund manager Philip Cliff is leaving to open his own boutique.
The £1.1bn fund will be run by Paul Doyle on an interim basis until a permanent replacement is appointed. Doyle was previously Cliff’s deputy on the portfolio.
Cliff also ran Threadneedle’s £242m pan-European Accelerando fund which will be taken over by Dan Ison, who is joining the group as head of pan-European equities.
Ison has held a number of roles in the industry, most recently as a partner at hedge fund group Clareville Capital. He previously managed the Barings Europe select growth and German growth unit trusts.
BestInvest head of communications Justin Modray says: “Although Cliff’s performance has been reasonable since he took over European select in July 2005, it has hardly raised any eyebrows, underperforming the FTSE Europe ex-UK, which is what we will measure him on. The jury is still out on Dan Ison but the main thing is that Darrell O’Dea is still in place at the firm.”
Cliff joined Threadneedle in 2001 from Skandia Life where he was an investment consultant specialising in European equities and global bonds.