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JO Hambro shuts American growth

JO Hambro Capital Management fund manager Nick Roe-Ely is set to leave the company following its decision to close his £13m American growth fund.

Roe-Ely, a mid-cap spec- ialist, joined Hambro from Tilney in June 2005, with the fund launching in December.

A lack of investment in the US has led to the company deciding to wind up the fund which has been second-quartile in the past 12 months in the IMA North Amer- ican sector.

Marketing director Sven Kuhlbrodt says: “It is likely that Nick will leave. He has been a star manager for a number of years but his style has not been in favour for some time as most of the demand for US equit- ies has come from the large-cap arena.

“We will be offering free switching in a bid to help shareholders as much as possible.”

Clive Beagles is returning to JO Hambro Capital Management after taking a six-month sabbatical.

Beagles, who managed the UK equity income fund, has taken time off on health grounds.

He will work as co-man- ager alongside James Lowen and will return to a fund that has seen market volatility and the loss of some multi-manager mandates, shrinking from £533m to £182m in six months.

Kuhlbrodt says: “We are glad that Clive is returning but James has done a great job in his absence. James has managed the fund at a time when volatility has been a big issue, with £1.1bn being withdrawn from the IMA UK equity income sector in Jan- uary alone.”

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