UK – Insight Investment has lost its five-strong multi-manager team to Gartmore Investment Management – though Insight says its multi-manager conviction is “unchanged”.

The team, led by Bambos Hambi, will join Gartmore within three months. Hambi will be head of multi-management, and Marcus Brookes will be deputy head.

Accompanying the two will be fund analyst, Alexandra Man, and two assistants, Ari Trowli and Robin McDonald.

At Insight, the team managed approximately 720 million pounds (1.025 billion euros) in multi-manager assets in the UK retail segment – the largest amount to be run by one team in the UK in that area.

It is hoped that within two months of joining Gartmore, the team will be managing up to 400 million pounds (570 million euros).

Exact plans for the products to be offered are still unclear. While initially the team will be developing retail business, institutional business could follow. Further products including manager of manager products will also be considered in addition to the unfettered fund of funds offering.

Gartmore already offers a fettered fund of funds, investing in its own products, but has taken the decision to offer a similar product investing in funds of other managers. Says David Middleton, head of commercial development, UK Retail at Gartmore: “We are always looking to diversify our business, be innovative, and explore new and potentially burgeoning markets. We believe that the fund of funds route fits all of these criteria.”

In response to the team’s departure, Nigel Whittingham, managing director of Insight’s multi-manager business, said: “Our conviction in the strength of our multi-manager proposition remains unchanged, and we are now actively recruiting to continue to build and expand out capability in this market.”