Man GLG has swooped for two experienced European equity fund managers and their three funds to bolster its efforts in the sector.
Former Fidelity fund manager Firmino Morgado, who left to set up boutique group W4i Investment Advisory in late 2014, has been brought on board, as well as his co-manager, Filipe Bergaña.
As part of the deal, under which Morgado and Bergaña will be based in Man GLG’s London office, the asset manager will also take control of the boutique’s three existing funds.
Subject to regulatory approval, Man GLG will bring on board the W4i European Dividend, European Opportunities and Iberian Opportunities funds. The group said these would complement existing efforts within European equities.
During his tenure with Fidelity, Morgado oversaw several funds including the then €954 million Fidelity Funds – Iberia and the €400 million Fidelity Funds – European Aggressive funds, the latter of which is now closed.
The departure of Morgado, who is currently Citywire + rated, marked a hectic period of manager moves within the Iberian fund industry. He moved a couple of weeks after famed investors Francisco Paramés and Iván Martín left their respective employers.
This saw Morgado then move to establish W4i, which was launched in conjunction with Spanish bank Renta 4. He received seed capital for the venture from the bank and it was placed within its asset management arm, Renta 4 Gestora.
Bergaña joined W4i in April 2015 from Och-Ziff, having previously worked for four years with Fidelity and also having held roles within BlackRock’s European equity team in London and at Merrill Lynch Investment Managers in Madrid.
Commenting on the move, Morgado said: ‘In a low return environment, where investors are increasingly focused on the value added of active investment strategies, we believe that our truly active investment philosophy of concentrating on a limited number of attractively valued, high conviction investments can deliver outperformance over mainstream low tracking error strategies.'
Meanwhile, Teun Johnston, CEO of Man GLG, added: ‘We have a clear and successful strategy of hiring and integrating exceptional senior-level talent into Man GLG, offering our clients truly active strategies which aim to deliver differentiated returns.’