Tom Caddick, the head of multi-manager at LV= Asset Management (LVAM), and Toby Vaughan, the principal fund manager within the multi-manager, have resigned.
It is understood that Caddick and Vaughan will join Santander Asset Management.
LVAM has confirmed that both Caddick and Vaughan are leaving and it is currently recruiting for a new head of its multi-manager team. Meanwhile, Simon Brooks will assume responsibility for the range. Brooks joined LVAM in June 2008, when the LV= Managed Portfolios were launched. (article continues below)
Brooks will be supported by Piers Hillier, the chief investment officer at LVAM, in the ongoing management of the funds.
A spokesperson for LVAM says Brooks has 16 years experience in the multi-manager arena and was “instrumental in establishing LVAM’s multi-manager approach”. LVAM says its multi-manager funds have always been managed on a team basis and the process will not change.
“Investors should see no impact on the management of their funds,” she says.
Vaughan was appointed principal fund manager within the multi-manager team in April this year. Like Caddick he joined from F&C Asset Management.
According to Trustnet, Caddick used to manage the LV=Balanced Managed, LV=Stockmarket, LV=Diversified Income, LV=Managed Portfolio 3, LV=Managed Portfolio 4, LV=Managed Portfolio 5, LV=Managed Portfolio 6 and LV=Managed Portfolio 7.