LONDON Highly-rated hedge fund manager Neil Pegrum has quit his job at Cazenove Capital to join Soros Fund Management, the secretive fund firm set up by billionaire financier George Soros.
Pegrum, a specialist in mid and small-cap stocks who ran over 300 million pounds in assets, handed in his notice at the end of last week and has now left the firm, a spokeswoman said.
Pegrum joined Cazenove from rival fund manager Insight Investment in 2004 and generated strong performance from his funds, notably during bull markets.
Over the 12 months to the end of March, for instance, his long-only UK Dynamic fund returned 69 percent, outpacing the average return of rivals in the global equity sector by more than 20 percentage points, according to data from fund research firm Lipper.
Paul Marriage, who has worked as co-manager with Pegrum on his funds, will take over responsibility for the portfolios, the firm said in a statement.
However, the firm also plans to recruit a UK small and mid-cap specialist fund manager, the spokeswoman said.
She declined to give further details on Pegrum's new role at Soros Fund Management, the New York-based firm whose philanthropist founder earned $3.3 billion last year, according to Institutional Investor magazine's AR: Absolute Return + Alpha. (Additional reporting by Joel Dimmock; Editing by David Holmes)