Old Mutual Global Investors has moved the emerging market ex Asia mandate on its François Zagamé-led Voyager Global Dynamic Equity Fund, sacking Henderson in favour of specialists in Brazil and Eastern Europe.
Around 12% of the £1.2bn fund has been managed by Henderson’s Chris Palmer since the portfolio’s inception in April 2009.
Rio de Janiero-based Jardim Botânico has been allocated a £53m mandate. The employee-owned boutique follows a value-orientated approach based on thorough fundamental research and is focused exclusively on Brazilian companies.
Another boutique Renasset, based in Guernsey, takes over in developing Europe with a £72m mandate. Lead fund manager Plamen Monovski follows a value-based contrarian approach.
Zagamé said: “The team at Henderson did an outstanding job and the decision to opt for this new dual structure, as opposed to a single manager approach, has not been an easy one.”