Seven switch in fund of funds merry-go-round

Gartmore, Cazenove and Scottish Widows Investment Partnership (Swip) were at the heart of a fund of funds manager swap-round last week.

Marcus Brookes, deputy head of multi-manager at Gartmore, is to leave the group next March to become head of multi-manager at Cazenove. He will replace Mark Harries who, alongside four colleagues – Simon Wood, Lyndon Gill, Natalie Burnard and Andrew Perham – announced that he is leaving to join Swip.

All are going to Swip on different dates but the team will be in place by December 9, after which Swip has committed itself to launching two new funds of funds. Subject to Financial Services Authority approval it will add a diversified assets fund and a managed equity fund to its retail range.

Joining Cazenove with Brookes is Robin McDonald, who only has a month’s notice, has worked at Gartmore with Brookes since 2002. He will be appointed co-manager of the group’s range of four multi-manager funds.

Gartmore says it plans to add to its team after the departure of Brookes and McDonald.