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Farthing and Euro team leave Old Mutual

Old Mutual Asset Management has parted company with its four-man European team headed by Adrian Farthing.

It is believed that the team has been replaced by Omam with immediate effect.

The fund manager would only say that institutional manager David Ross would take over the running of Farthing&#39s three funds.

The team has been responsible for the European bluechip, the European and OM Gerrard European growth funds, all of which have been languishing near the bottom of the fourth quartile of their sectors for some time.

In addition to his considerable institutional responsibilities on the retail side, Ross, with his team of six, also runs the Old Mutual North American, OM Gerrard North American and OM Gerrard ethical funds and its flagship hedge fund.

Farthing joined the fund manager from Hill Samuel just over three years ago and it is thought that his growth approach to running the funds did not mesh well with Omam&#39s approach.

Hargreaves Lansdown head of research Mark Dampier says: “The news does not come as a great surprise. I think both Adrian and Old Mutual have been disappointed by the performance of the funds.

“Adrian has been a full-on growth manager and that does not fit in well with the Old Mutual approach.”

An Omam spokesperson says: “We have decided to move the European funds over to the structured desk to imp-rove their performance.”


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