Star manager Neil Pegrum is leaving Insight Investments just over a year after he joined, departing to Cazenove which is relaunching its UK focus fund for him to run.
Pegrum arrived at Insight from M&G in January last year, taking control of its UK dynamic and UK discretionary funds.
He will be replaced with immediate effect by Andy Cawker, his deputy fund manager on both funds, who will run them as an interim measure until a permanent replacement is found.
Insight managing director business partnerships David Norman says: “Unfortunately Neil is leaving, we will continue to employ him until the end of his notice period, which is three months, but he won't be in the office.”
Hargreaves Lansdown head of research Mark Dampier says: “This is a huge loss to Insight and a big gain for Cazenove because I reckon the money will follow him there.”