Alexander Darwall, the former Jupiter European Equity fund manager who sold his business to River Global, is to take over the management of River Global European Equity fund.
The fund had previously been run by James Sym, even after he left River Global to join Goodhart Partners.
He was able to continue to manage the River Global fund even after he departed the firm due to a sub-advisory agreement, under which his old employer and new employer shared the fee income.
But that arrangement has now ended, FT Adviser can exclusively reveal.
Instead, Darwall, whose Devon Equity Management business was sold to River Global in October, will run the fund.
River Global is the business formerly known as Asset Co, co-founded by City veteran Martin Gilbert.
Under the takeover arrangement, Darwall is now one of the largest shareholders in River Global.
He already runs an offshore European Equity fund, but that is not available to UK advisers.
He had set up Devon Equity Management on departing Jupiter in 2019, under the terms of his exit he was not permitted to run an open-ended fund in the UK market for several years.
But he is now available to do so, prompting River Global, as his current employer, to end the arrangement with Sym and Goodhart Partners, and instead hand the fund to Darwall.
He will run it alongside the European Opportunities investment trust he has run since his departure from Jupiter.
Goodhart Partners will now launch a new European Equity fund for Sym, alongside a range of three other funds for investment teams they have recruited in recent months.
Goodhart Partners was founded by former Scottish Widows chief investment officer Sandy Nairn.
