Recently appointed JO Hambro Capital chief executive Ken Lambden is to leave the company with immediate effect, its Australian parent business Pendal Group has said, after less than two years in the post.
The former global head of equities at Schroders and Baring chief investment officer had served in the post since October 2016.
He will be replaced on an interim basis by Pendal boss Emilio Gonzalez, who will relocate from London to Sydney while a long-term successor is identified.
The group offered no further guidance on the decision. Lambden will serve his six month notice period as gardening leave.
‘We thank Ken for his hard work and commitment in leading the JOHCM business and wish him every success in his future endeavours,’ Gonzalez said in a statement.
In its annual report, Pendal last year admitted that the FCA was probing JO Hambro Capital over dealing commission payments worth approximately £5 million over the course of a 10 year period up to January 2016.
Lambden (pictured) had assumed the role following the promotion of predecessor Gavin Rochussen to an international development role at Pendal, at the time known as BTIM. He was recruited to head Polar Capital in early 2017.
JO Hambro Capital said it had received ‘record’ inflows in the 12 months following Lambden’s appointment with £3.6 billion in new client commitments taking total assets to £30.4 billion.
In a Wealth Manager interview Lambden admitted that this had created its own pressures as the firm monitored capacity constraints.
‘After a period of sustained growth, it makes sense to look at what different pressures this puts on the business,’ he said. ‘We define our capacity aggressively across our product range and where our [assets under management] starts to approach it we soft close and we are prepared to hard close.’