The new firm Peter Rutter left Royal London Asset Management (RLAM) to set up has lost two of its key mandates after Australian firm Ironbark pulled out.
Rutter ran the two funds – Ironbark Royal London Concentrated Global Share and Ironbark Royal London Core Global Share – while at RLAM and took the mandates with him when he left.
However, Ironbark said last week that “Peter and his investment team will not be in a position to manage the funds within a timeframe that Ironbark considers to be in the best interests of investors”.
See also: RLAM head of equities resigns to set up own firm
It had expected Rutter’s new firm, Pinnacle, to take on the funds from August 2024, but that had not been possible.
Instead, Ironbark appointed Robeco and Brown Advisory to manage the portfolios together worth A$2.9bn (£1.5bn).
Rutter had been head of equities at RLAM for over seven years before leaving to start his new venture in April, bringing with him four other portfolio managers; Chris Parr, Will Kenney, James Clarke and Niko de Walden.
