Should more managers branch out on their own?

Should more managers branch out on their own?

Last week it was the turn of Richard Pease to hop on the fund manager merry-go-round, the European star quitting Henderson to set up a new venture, Crux Asset Management.

It is a familiar story. The past 12 months have seen the likes of Neil Woodford, Simon Brazier and Cormac Weldon move, but this latest, departure is more interesting because of Pease’s destination. He will continue to manage his European Special Situations fund at his new firm, meaning he can hit the ground running with £1.1bn in assets. While most managers do not have the same clause in their contract as Pease, allowing him to take his fund with him, the attraction of running your own business could begin to increase as margins come under pressure at the established players. What ...