Royal London Asset Management has launched a global equity team snapping up Waverton’s senior fund managers.
The new division will launch this year, subject to regulatory approval, although a precise timeline is not available yet.
Peter Rutter, former head of global equities at Waverton Asset Management, will lead the new unit and respond to RLAM’s chief investment officer Piers Hillier.
James Clarke and William Kenney, also fund managers at Waverton, will be senior fund managers within the unit.
Before joining RLAM, Rutter was head of global equities at Waverton.
Before that he was a partner at IronBridge Capital Management and was part of Deutsche Asset Management’s global equities team.
Clarke and Kenney held senior roles at IronBridge Capital and Spencer House Capital Management respectively.
According to the move, the team will continue to manage the $112m Waverton Global Core Equity fund and also a mandate for Australia-based Ironbark Asset Management for the AUD127m (£76.7m) Ironbark Royal London Concentrated Global Share fund.
Hillier says: “We boosted our UK equity capability last year, through the hires of Richard Marwood and Henry Lowson and look forward to meeting clients’ demand for global equity products this year.”
Rutter adds: “We’re really pleased to be joining RLAM and its expanding equity team. This gives us the opportunity to combine our experience, approach and insights into global equities with RLAM’s strong distribution capability, both in the institutional and wholesale space. We are delighted to maintain relationships with Waverton, Ironbark and other clients going forward.”
RLAM manages £30bn in equities as of September 2016. Total group funds under management are up 20 per cent from £84.5bn to £101bn, according to its latest results.
In November 2015, Fund Strategy revealed the upcoming launch for the firm’s multi-asset range, led by Trevor Greetham, as well as the new multi-asset team formation, including the hire of former Fidelity analyst Hiroki Hashimoto.