The company last week announced the appointments of Gary West and James Inglis-Jones to the first income and first large-cap funds, as well as Anthony Cross and Julian Fosh’s appointments to the first growth fund.
Advisers questioned the moves, with some pinpointing outflows of more than £1bn from UK and European equity assets under management during the first quarter.
Legge says West and Inglis-Jones’s cashflow solution and Cross and Fosh’s economic advantage processes are more forward thinking than Lang and Pattisson’s approaches.
He says: “Both Lang and Pattisson’s processes traditionally did well, in that they found stocks that surprised before they surprised but as time has gone on, that has become more difficult to achieve through their current processes.
“We feel that the new processes can do that again, as they are an evolution of the work. Why should we look for a big-name fund manager or managers when we have experienced names with stellar track records in house?”
Chelsea Financial Services managing director Darius McDermott says: “Lang waited for the momentum to change before buying stocks. The proof will be in the numbers”