Scott McGlashan is to leave Jade Absolute Fund Managers, where he is chairman, to join JO Hambro Capital Management (JOHCM) at the end of the month. JOHCM will launch a Dublin-based Japan fund in the spring.At Jade, McGlashan has managed the Close Finsbury Japan fund for the past three years. According to Standard & Poor’s, over the past year the fund has dropped 3.68% compared with a fall of 27.44% by the average Japan fund and 30.41% by the Nikkei 225 index. Over the past three years, Close Finsbury Japan has fallen 6.96% against 28.19% by the average fund and 31.14% by the Nikkei. Johnny Summers, investment manager at Jade, will take over the running of the Close Finsbury Japan fund. Summers was manager of the Groupama Minster Trust Asian Panther fund from March 1999 to November 2002. Nichola Pease, chief executive of JOHCM, says she recruited McGlashan because of his 15 years’ experience and consistent performance. “Scott has outperformed in good and bad markets. Even when he has underperformed, it has not been by much. He has a pragmatic approach with no bias to one particular style.” McGlashan says he has decided to join JOHCM because he wants to focus on managing money: “Jade is going to get an outside investor that means it will be relaunched as a boutique with a parent company. If I had stayed, I would have had to spend a lot of time on this relaunch and I did not want to do that. At JO Hambro, I will be able to focus on managing money. The other attraction was the fact that JO Hambro has better distribution than Jade.” McGlashan is confident the Japanese stock market has turned the corner and this recovery is sustainable after previous false dawns. While admitting there will not be a steady rise in the stockmarket, McGlashan believes that, at 18 times earnings, Japan offers attractive valuations. His confidence is based on the progress in corporate restructurings, including reducing debt, the stronger than expected economic growth, which is being driven by exports to China, and the chance this gives companies in older industries to restructure. Finally, McGlashan believes that banks have reached the bottom and are “off the critical list”, which will increase confidence among investors.