JO Hambro Capital Management has announced that John Wood will be joining the group to run an onshore UK Opportunities fund, which it is planning to launch in late November.Wood, who is scheduled to join JOHCM in three months, according to the group, has managed the Newton UK Opportunities fund since its launch in February 2002 and joined Newton in 1995 as an analyst. He is the second manager in recent times to join the boutique firm from Newton in order to launch an onshore fund. Last year, Clive Beagles, former manager of the Newton Higher Income fund, joined the group to launch its first onshore offering, the JOHCM UK Equity Income fund. The fund, which will eventually be capped at 750m, was launched on November 30, 2004 and is now 112m in size. The group also hired Nick Roe-Ely earlier this year to run the group’s first US long-only fund – an onshore American Growth fund that it is planning to launch in late October. Roe-Ely managed the 35m Tilney American Growth fund from its launch in 1996 until June 1 and will be joining JOHCM next month. The Tilney fund is now managed by Jane Drake. According to Nichola Pease, chief executive of JOHCM, the new UK fund will be run in a similar way to the fund Wood runs at Newton. The JOHCM UK Opportunities fund, however, will have a maximum of 10% of its portfolio held in non-UK securities. This compares with the current 20% limit for non-UK securities in the Newton fund. The JOHCM UK Opportunities fund will eventually be capped at 1bn, says Pease (pictured). The UK Opportunities fund will be the eighth fund in the JOHCM Oeic range and the third domiciled onshore. The other five funds in the group’s Oeic are domiciled in Dublin. These include three European funds, managed by Willem Vinke and Rod Marsden, and two funds that are now closed to new investment – Mark Costar’s 350m UK Growth fund and Scott McGlashan’s 200m JOHCM Japan fund.