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.
Since launch in July 2008, the absolute return fund is only up 0.79 per cent, while over the past 12 months it has fallen 4.5 per cent.
Cordell will also take over the running of Russell’s core offshore hedge funds.
David Doherty and Julie Dean will continue in their roles as lead managers of the Cazenove UK Growth & Income and UK Equity funds respectively.
Darius McDermott, the managing director of Chelsea Fincial Services, says: “Given his recent poor performance, you have to ask how much of a loss to the group this is.”