Rothschild Asset Manage-ment has recruited two of Friends Ivory & Sime's multi-manager team to replace Rob Burdett and Gary Potter who resigned last week.
Bambos Hambi and Marcus Brookes will join RAM at the end of June, when Potter, Burdett and their colleague Kelly Prior leave to head Credit Suisse Asset Management's multi-manager operations.
Potter and Burdett ran over £1bn in funds at RAM and are two of the highest-profile names in the UK multi-manager industry. They will aim to make CSAM a major player in the sector.
While Hambi and Brookes are not as well known, they bring considerable expertise to the RAM camp, with 21 years' experience in the multi-manager arena between them.
Julie Dent, who works alongside Hambi and Brookes at FI&S, will act as caretaker manager for the company's funds while the situation is reviewed.
The moves are the second high-profile shake-up in the multi-manager industry in less than two months after John Chatfield-Roberts and his team left Lazard at the end of February.
Hargreaves Lansdown head of research Mark Dampier believes RAM's quick action to replace Burdett and Potter has been a smart move. He says: “Friends Ivory & Sime have never been big third-party managers. But Bambos knows all the managers and just because he is not as high profile does not mean he will not do a good job. I think it was a clever move by Rothschild.”
RAM head of retail Nick Hodgson says: “The Five Arrows multi-manager product range has already grown rapidly to reach over £1bn under management and RAM is committed to increasing the funds under management even further. We are delighted to be able to reassure our supporting intermediaries and investors that we have a new high-quality investment team in place with relevant experience to deliver attractive investment returns.”