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RWC poaches staff from Everest for new emerging markets team

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UK investment firm RWC Partners has hired 15 staff from Miami-based hedge fund Everest Capital for its new emerging, frontier and Asia equity business.

John Malloy and James Johnstone, who left Everest in March to be emerging markets managers at RWC, will jointly lead the new team.

Most of the team will be based in the firm’s new offices in Miami and Singapore, subject to regulatory approvals.

RWC hired Everest’s macro strategist Cem Akyurek as emerging market economist, while in Singapore, Garret Mallal, previously a managing director at the US firm, will serve as portfolio manager.

Min Chen, also former MD at Everest, will be focused on Asian equity research at RWC.

The company has also recruited Simon Onabowale to head up trading in Miami.

Additionally, RWC has launched new funds replicating those previously managed by the team, covering long-only emerging and frontier markets and long-short frontier and Asian strategies.

Everest Capital, which used to run about $3bn in assets, shut down its global fund in January as it was hit by the Franc’s move after the Swiss National Bank decided to remove the three-year-old cap on the currency.

RWC Partners chief executive Dan Mannix says the launch of an emerging market capability is a “great opportunity” for the group enjoyng a ”highly credible” and “fully formed” team.

He says: “An extremely unusual set of circumstances allowed us to recruit a fully formed institutional quality emerging and frontier markets investment team.  It is incredibly hard to build a team of the depth and breadth that John and James have over the last few years and we are all very pleased to have been able to create the environment for the team to stay together.

“The support we have seen from John and James’ clients is a real endorsement of the quality of the investment capability and we have in the region of $1.3bn of committed capital and expect to exceed $1.5bn across the strategies in the near future.”

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