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This week in Investment

Resolution Asset Management will probably be relieved to have finally put to bed one of the most entertaining investment sagas of recent months by recruiting Ian Ormiston to join their threestrong senior European equity team.

The Glasgow-based group looked like they had managed to poach three Gartmore European equity managers in June when Adrian Darley, Jon Fearon and Tim Callaghan all resigned and signed contracts with Resolution to get the fledgling European team up and running.

Callaghan was due to head up the team but was eventually persuaded by Gartmore to accept a new improved offer of an equity stake in the post MBO firm-something that Darley and Fearon did not receive.

Resolution were left to look for another team member and will no doubt be delighted that four months down the line they have recruited Singer and Friedlander European equity head Ian Ormiston who begins at the group next January.

After the reappearance of an industry veteran last week with former Invesco Perpetual chief Mike Webbs recruitment by Hermes, this week witnessed the departure of another heavyweight.

Bill Mott, a fund management star turned mentor, announced that he would be leaving Credit Suisse at Christmas after spending 30 years at the group.

Mott is the third big name to announce his departure from Credit Suisse following the exits of Ian Chimes and Mark Thomas earlier in the year.

He was well known and respected as a speaker on investing in equities and was widely praised for his ability to de-jargonise the technicalities of stock picking for the man in the street.

Mott famously returned to run the Credit Suisse income funds in 2000 after a three year break and timed the market to perfection by selling off the tech stocks in the fund because he felt they were far too expensive. Within days the tech bubble had burst and Motts decision was vindicated.

Mott took a step back from day to day fund management at the group when he became strategic director three years ago and handed the reigns of the income funds to Leigh Harrison.

Harrisons departure to Threadneedle brought in Errol Francis but his year in charge has seen the funds underperform although they have had a better run in the last few months.

Credit Suisse will be hoping that some of Motts legendary investment prowess has rubbed off on Francis and that the revival can be sustained.


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