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Lancaster quits Norwich Union for Gulf Finance House

Norwich Union UK income opportunities manager Ian Lancaster has quit the firm to join Bahrain-based group Gulf Finance House Asset Management.

Lancaster, who had managed the £48m fund for Norwich Union since June 2006, will join forces with former Skandia chief investment officer Alan Durrant and will take on the role of international equities director.

Lancaster will help oversee Gulf Finance House’s drive in the Islamic asset management business, with the group looking to launch a series of Sharia funds in equities, property and alternative assets across the Middle East, Asia and western Europe.

Durrant, who heads the firm as senior executive director, says he is delighted with Lancaster’s appointment, while more are in the pipeline.

He says: “We are delighted to have a star manager such as Ian on board. We have already recruited some of the Gulf’s biggest names and have many more at the handshake stage. We are developing a lot of momentum.”

Dave Roberts will take on the UK income opportunities fund from Lancaster who joined Morley’s UK equity team in May 2006. He brought the fund, then known as the EliteMoneyGuru income and growth, with him, before it fell under the Norwich Union banner. He originally launched the fund back in 2002 managing the vehicle using a quants-based system.

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