Old Mutual Asset Management is the latest fund manager to suffer a high-profile departure as head of its quants team David Ross is leaving, taking three members of his team with him.
All four will serve out their notices, ranging from three and six months, which Omam says will give it time to find replacements.
It expects to initially replace them internally and will recruit external replacements later.
Ross, who has developed a high profile among independent advisers during his 10-year tenure with Omam, was instrumental in designing the firm's quantitative process.
Some IFAs say they plan to leave existing money with the team which runs four funds – North America, Europe, Global and UK – but are reluctant to place any new money as they say the quants process has largely had its day.
Bates Investment Services head of investment strategy James Dalby says: “Fund managers will always argue that with a quants process, individual names do not matter as much but Ross had built up quite a bit of credibility within the IFA community.”
Omam head of marketing Simon Wilson says: “Yes it is a blow but people do leave asset management companies. They key thing is what you do about that. We remain 100 per cent committed to the active quantitative investment process.”