Former Investec energy portfolio manager Jonathan Waghorn has joined Guinness Asset Management.
Gold funds were standout winners in August as investors' appetite for risk waned amid concerns of a tapering of monetary stimulus in the US and potential military action in Syria.
Former Investec energy specialist Mark Lacey is to join Schroders.
Investment managers are beginning to question the value of holding gold for diversification purposes, as its correlation to equity markets soared to 65% this year.
Gold has climbed above the $1,400 mark for the first time since June, re-entering a bull market as disappointing US data and worries over Syria push investors into safe havens.
ING IM's strategist Koen Straetmans reviews the commodities market, looking at recent performance and flows in the asset class, and the risks it faces.