Ex-Gartmore duo Roberts and Himsworth return to run money for Eden Financial
Former Gartmore fund managers Dan Roberts and Leigh Himsworth are returning to the UK market with boutique wealth manager Eden Financial.
The duo, who have worked at a number of asset managers, have been out of work since the takeover of Gartmore in April by Henderson.
The recruitment of the pair is part of a move by Eden, a privately owned boutique in the City of London, to expand its offering in the UK. The duo will work alongside Ed Rosengarten, who joined from M&G.
Together with David Jane, Rosengarten is credited with helping turn around M&G’s reputation and transforming it back into an investment-led retail house.
Himsworth will be running a UK Select Opportunities fund, which the group hopes will compete against some well established funds in the UK All Companies sector such as Nigel Thomas’ AXA Framlington UK Select Opportunities Trust.
The group is aiming to raise between £10m and £25m from external investors as well as some of the group’s existing private clients.
Roberts will run a global equity income fund, which will be launched later in the year as part of an offshore OEIC range, possibly domiciled in Dublin.
The fund will have a sterling share class for UK investors, but will also target some of Eden’s international client base with other currency denominations.
Rosengarten described Roberts as “a thinking man’s equity income manager” whose approach suited the group’s existing private client style.
In terms of Himsworth’s fund, Rosengarten said they had constructed a product to appeal to the group’s existing investors as well as external clients who may be looking to diversify some of their exposure away from bigger funds.
Rosengarten said: “We will not be a sales and marketing-led fund business. We will launch the kinds of funds we believe our clients will want that fit in with a longer-term approach to managing their portfolios in a multi-asset format.
“We will not be telling managers what to do or how to manage portfolios, we will leave them to get on and run money in their own styles.”
Himsworth built up a formidable reputation at a number of fund houses, including Gartmore.
In his final year at the firm, Himsworth’s UK Alpha offering returned 12.77% against the IMA UK All Companies sector average of 11.38%.
Roberts, who was hired by Gartmore in 2009, built up an impressive track record at previous employer Aviva. However, his performance dipped during his spell at Gartmore, with the UK Equity Income fund lagging the sector in his final year.
Eden already has an OEIC platform with Capita which has been in place for over three years and Himsworth’s fund will be available through this initially.
The group has around £1bn under management on behalf of high net worth individuals, family offices, pension funds and charities.
Rosengarten spent 18 years with M&G, including a stint as a main board member.
He was variously chief executive of its equities business, a non-executive director of Prudential’s property business and M&G’s macro investment business, as well as having responsibility for its retail fixed income business.
Himsworth was the former head of equities at Gartmore, but spent time at Rensburg earlier in his career. Rosengarten added the private client experience Himsworth obtained at Rensburg fits in with the culture of Eden.