Peter Rutter, James Clarke and William Kenney will join Royal London Asset Management later in January as global equity managers to lead a new global equity team, a spokeswoman said.
The positions are new. Mr. Rutter will join as head of global equities, the same position he had at Waverton Investment Management. Messrs. Clarke and Kenney, who will also join from Waverton, will be added as senior fund managers, both reporting to Mr. Rutter, who will report to Piers Hillier, chief investment officer. Messrs. Clarke and Kenney both had the title of director, global equities at Waverton.
With the arrival of the new team, the firm with £101 billion ($124 billion) in assets under management intends to offer its own global equity strategies this year, it said in a news release. RLAM managed £30 billion in equity strategies as of Sept. 30.
The team will continue to manage the $116 million Waverton Global Core Equity Fund as a subadviser. The Royal London spokeswoman confirmed that Royal London will be the sole manager of the fund.
Waverton said in a news release that the team had struggled to increase assets and “the team's departure is amicable and by mutual agreement.”
A spokeswoman for Waverton declined to comment.