Coronation trust on hold as CIO leaves

Coronation has delayed the launch of its planned investment trust of hedge funds following the departure of its multi-manager hedge funds business chief investment officer, Ken Kinsey-Quick.

Kinsey-Quick has left the company by mutual agreement and will stay on as a consultant for the next six months. His various management responsibilities had been re-organised to focus his attention on the investment process and agreement could not be reached on the extent of those changes.

The investment committee of Coronation Investment Holdings will continue to operate with its other two members, Anthony Gibson and Stuart Davies.

For the past five years, Gibson has been the portfolio manager of the group's largest fund of hedge funds, the Coronation Global Equity Fund, which launched in August 1996. Davies co-manages the fund.

The two also manage the Coronation International Active Fund of Funds and in addition to these ongoing responsibilities, will take over the management of the group's other long/ short equity funds. According to Coronation, Davies had worked closely with Kinsey-Quick on the co-management of the group's second largest fund, the Coronation Relative Value Fund. He has also been responsible for all Coronation's structured products, which are created around this fund.

The group, which has US$1.3bn in funds under management in its multi-manager hedge fund business, is now in the process of recruiting another senior fund manager to assist in this process.

The listed portfolio of hedge funds, which the group is launching in conjunction with Close Finsbury, has been put back until later this year.

The fund, a Guernsey-based portfolio, listed on the London Stock Exchange, will invest in arbitrage strategies and contain about 30 managers.



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