RWC adds $280m to European range with acquisition of Pensato's seven-strong team

Former Fidelity manager

RWC Partners has expanded its European equity offering with the acquisition of Pensato Capital, the investment firm set up by former Fidelity manager Graham Clapp.

Clapp (pictured) spent 22 years at Fidelity, during which period he took over the group's European Growth fund from Anthony Bolton. He run the fund between 2002 and 2006, and with assets growing to €25bn it became the largest mutual fund in Europe at the time. He will join RWC when the acquisition completes at the end of August, subject to regulatory approval, alongside six other investment team members including Edward Rumble and Russell Champion, who worked with Clapp at Fidelity. RWC appoints Stonehage Fleming co-CIO as head of investment strategy London-based Pensato Capital...