Manager departs as JOHCM closes US Opps

Gordon Elvey is to leave JO Hambro Capital Management as the group closes his US Opportunities fund.

Launched in March 2006 within the firm's Dublin-based OIEC range, the £22m fund returned 21.3% over the three years to 13 May, compared to an average 19.8% from the peer group, according to Morningstar.

"Despite its good long-term performance, we have been unable to achieve meaningful flows into this fund over the past five years. We need to devote our resources to funds which are commercially viable over the medium to long term," said Suzy Neubert, sales and marketing director at JOHCM.

The firm is seeking unitholder approval to close the fund at the end of June. Elvey will leave the firm on the fund's liquidation. There will be no exit fees for the small number of shareholders in the fund.

Three years ago JOHCM closed its mid-cap focused American Growth fund, managed by Nick Roe-Ely, who subsequently left the firm.