Ardevora Asset Management will cease managing money for third parties, effectively meaning it will shut shop and return capital to all of its clients.
In a LinkedIn post shared yesterday evening (15 January), the firm – which was founded by Jeremy Lang (pictured) and William Pattisson in 2010 – stated: “After 38 years of working together managing assets for institutional investors around the world, employing a unique investment approach based on behavioural psychology, Jeremy Lang and William Pattisson have decided to stop managing money for third parties.
“As a result, Ardevora Asset Management will be closing its doors to external investors and returning capital to all of its clients.
“William and Jeremy would like to thank everyone at Ardevora for all their hard work, as well as their clients and partners around the world for their support over the last 14 years.”
Lang and Pattisson previously worked together at Liontrust before launching the boutique, having managed the First Income and First Growth funds for the firm.
Currently, Ardevora has five open-ended funds under its belt: Ardevora Global Equity, Ardevora UK Equity, Ardevora Global Growth, Ardevora Global Long-only Equity, and Ardevora Global Long-Only Equity SRI.
The firm adopts a growth-focused, bottom-up approach to stock selection, which focuses on the cognitive psychology of company managers and their susceptibility to ‘over-confidence bias’.
Company partner Hugh Rittner left Ardevora in November last year, while COO Paul Syntott left in April.