Merry-go-round gathers pace as Caddick and Vaughan join Santander

Another multi-manager merry-go-round appears to be underway. This week LV= Asset Management’s (LVAM) Tom Caddick and Toby Vaughan resigned to join Santander Asset Management’s multi-manager team.

Caddick will take over from Keith Speck as the head of multi-manager at Santander, whose chief investment officer, John Bearman, says the group’s multi-manager ­offering is an area of real growth for the business.

Simon Brooks will assume responsibility for LVAM’s range, aided by Piers Hillier, the chief investment officer at LVAM. Brooks has substantial experience in the multi-manager arena and played a key role in establishing LVAM’s multi-manager approach. (article continues below)

These moves follow news that after F&C’s acquisition of Thames River, Robert Burdett and Gary Potter, the co-heads of Thames’s multi-manager team, would also be taking over the F&C vehicles formerly managed by Dean Cheeseman and Oliver Sonnbichler. Paul Carne, a fund manager, and Catherine Sauer, an analyst, joined Thames’s multi-manager team from F&C, and Carne will continue to manage F&C’s Lifestyle fund range, which will remain a separate product suite.

Cheeseman says his and Sonnbichler’s contracts with F&C have been terminated and that they have had several “interesting conversations” with fund groups aiming to upgrade a fund of funds team or enter the multi-manager ­market. “But we’re not about to reappear imminently,” he adds.

Continuing to be part of a double act with Sonnbichler would, says Cheeseman, be his preferred route back into the multi-manager space.

Elsewhere, Bambos Hambi, the former head of multi-manager at Gartmore, has taken a temporary consultancy position with Insynergy Investment Management to find managers for its product range. But Spike Hughes, the firm’s chief executive officer, says he has not ruled out the possibility of Hambi running a multi-manager vehicle for Insynergy.

Among groups looking at launching a multi-manager fund is Liontrust. Simon Hildrey, the firm’s marketing director, says the fund’s format has still to be finalised.