Cazenove head of pan-European equities and manager of the group’s UK absolute target fund Tim Russell is to leave the group in July.
Cazenove European fund manager Chris Rice will take over as head of pan-European equities.
Pan-European equity team senior member Steve Cordell will assume the running of the £197m UK absolute target fund.
Overall, since launch in July 2008, the absolute return fund is up by just 0.79 per cent and it has fallen by 4.5 per cent over the past 12 months.
Cordell will also take over the management of Russell’s core offshore hedge funds.
David Doherty and Julie Dean will continue as lead managers of the Cazenove UK growth and income and UK equity funds respectively.
Cazenove Capital chief executive Andrew Ross says: “During his nine years at Cazenove Capital, Tim Russell has been hugely influential in building our investment fund business. I have enjoyed working with him and would like to thank him for all he has done for us.
“His departure allows Steve Cordell to return to the UK retail market, bringing with him extensive long/short experience that will be inval-uable as he takes responsibility for our UK core absol-ute products.”
Bestinvest senior investment adviser Adrian Lowcock says: “The key for investors is that Chris Rice is taking over on the European side and he is a safe pair of hands. Tim has suffered some underperformance in the past few years. “We held the Cazenove UK growth and high-income fund, of which Tim Russell was co-manager, and we had just started selling down that holding in our multi-asset portfolio.”
Chelsea Financial Services managing director Darius McDermott says: “Given his recent poor performance, you have to ask how much of a loss to the group this is.”