OMAM poaches RLAM’s European star Lilley

Old Mutual Asset Managers has poached RLAM's European star fund manager Kevin Lilley to head up the group’s £71m European Equity fund.

Lilley, who ran the top performing £641m RLAM European Growth fund, will join the group next month.

RLAM's Andrea Williams will take over the portfolio following his departure.

Lilley boasts a top decile performance record over three years in the IMA European excluding UK sector, returning 8.9% compared to the sector average of -2.9%.

The fund was previously headed up by the group's quantitative strategist team.

Old Mutual's head of equities Ashton Bradbury said Lilley's appointment will enable the group to develop its range of equity funds.

"We are very confident that, with a continuation of his high conviction approach and excellent track record, over time we will be able to achieve significant market share in this sector," said Bradbury.

"I look forward to working closely with Kevin, whose appointment demonstrates our commitment to building further our strong fund management team."

A spokesperson for RLAM said the group will actively look to replace Lilley, with Williams taking over in the interim.

"We are looking to announce a replacement in due course, but in the meantime we feel Andrea is well equipped to manage the fund as well as her £373m European Income fund."