Gray’s funds will now be managed by Jane, majority owner of Darwin.
The group said that its investment objectives remained unchanged but that difference in opinion prompted Gray to exit.
“It has become clear in recent months that the group’s plans for the future differ from those of Martin Gray,” the company’s statement said.
Jane was formerly head of investment at M&G, where he spent a decade as head of equity investments, before founding Darwin in 2010. He is taking over the £742m Miton Special Situations Fund, the £181m Strategic portfolios and the Total Return and Global Diversified Income funds, with immediate effect having obtained FCA approval.
According to Jane, he will manage the funds focusing on blending shorter-term macro opportunities with longer-term themes.
“Given David’s strong track record of multi-asset investing and his focus on excellent client service over a career spanning 25 years, we are delighted that his team is joining. The board remains confident of delivering decent earnings growth over the year,” executive chairman Ian Dighé said.
The acquisition of the £47m PFS Darwin Multi Asset Fund is expected to be complete by 30 September, subject to regulatory approval.
