Klempster has already been co-portfolio manager of the absolute return fund and will work alongside chief investment officer, Michael Allen, who has been running the fund since its inception in September 2008.
Mahon worked at Momentum from May 2008, starting when the firm was still named RMB Asset Management International.
Following a merger of South Africa-based RMB Asset Management and Metropolitan Asset Managers the business was rebranded to Momentum Asset Management, with the UK branch branded Momentum Global Investment Management.
In his new position at Barings, Mahon is said to be filling a gap left by Tony Nangle who departed for Threadneedle in July last year.
A spokesperson for Barings said the firm was unable to comment at this time.
