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RWC buys boutique formed by ex-Fidelity giant

RWC buys boutique formed by ex-Fidelity giant

RWC has acquired a investment boutique Pensato Capital. 

Pensato was set up by former Fidelity European fund manager Graham Clapp (pictured) in 2008. 

Clapp had spent 22 years at Fidelity where he managed the €25 billion (£22 billion) European Growth fund. 

Edward Rumble and Russell Champion, who worked with Clapp at Fidelity, are senior members of the seven-person investment team which will move across from Pensato to RWC.

Pensato manages approximately $280 million (£216 million) in both long/short and long-only European equity funds.

The acquistion is the latest move by RWC to diversify its business, which controls $11.2 billion in assets. 

Two years ago the firm hired an emerging and frontier markets equity team, including John Malloy and James Johnstone. They now manage around $3 billion on behalf of its clients.

Commenting on the buy, RWC chief executive Dan Mannix said he had been drawn to the track record that Clapp has built up over the past 25 years. 

'He [Clapp] and his team have established a world-class European equity capability which builds on his distinguished career at Fidelity.  As we’ve got to know Graham it’s apparent he is an exceptional investor with an undimmed passion for analysing and investing in stocks,' Mannix said. 

'We believe that there remains a real demand for exceptional investment teams who are providing something different for investors and we see the competitive environment improving as barriers to entry rise and larger organisation increasingly put the squeeze on their investment teams.'

Clapp added: 'When I was introduced to Dan six months ago I was intrigued by the RWC business model.  It is critical to me and my team that we spend our time analysing companies and I really like the focus RWC has on creating the right environment for its investment teams. 

'We have built on the process I developed during my time at Fidelity and by joining with RWC we have the opportunity to work within a broader organisation that offers the resources and diversification that will help us to develop our strategies and focus purely on generating performance for our investors.'

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Edward Rumble
Edward Rumble
57/76 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: -3.05%
Graham Clapp
Graham Clapp
59/76 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: -3.66%
John Malloy
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4/252 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 78.54%
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