The new group – Sanditon Asset Management – was initially incorporated as RR Asset Management in August of this year, before changing its name in October. Chris Rice was appointed as a director in September. The group’s fund range is still subject to FCA approval.
Rupert Tyer, until recently a director at Cazenove, and Neil Canetty-Clarke, former finance director of LWT and the Guardian Media Group, have also joined as directors.
Russell left Cazenove Capital after 9 years in May 2011 to take a career break. After a strong 2008, a bearish view on the global economy had seen him deliver pedestrian performance on the Cazenove UK Growth & Income and Cazenove UK Absolute Return fund. However, he was the architect of the group’s business cycle investment process, which has proved extremely successful in the hands of Russell’s protegees such as Julie Dean.
Rice left Cazenove in June of this year after it was announced that Schroders was to take over the group. He said the move had crystallised his desire for a break from fund management. Steve Cordell took over his European and European Equity (ex UK) funds. The fund is now around £200m smaller than when Rice left, but has maintained its strong performance record and is top quartile over one and three years.
Both Rice and Russell have lengthy experience. Russell joined the industry in 1992 as manager of the Lazard UK Income unit trust. He then moved to HSBC to manage its UK Growth & Income fund before moving to Cazenove in September 2002 to become head of UK equities. Rice also has over 20 years’ experience in fund management, and had been at Cazenove for 10 years.