Star managers drive business forward but are the huge offers just desperation?

The battle over Gartmore European fund manager Tim Callaghan is yet another example of how much the ...

The battle over Gartmore European fund manager Tim Callaghan is yet another example of how much the UK market remains in thrall to the star manager mentality. For weeks, Gartmore and Resolution Asset Management have been fighting over the European manager, despite him not having that strong a retail reputation. With all due respect to Callaghan, the long-running battle would be more understandable if Neil Woodford or Hugh Young were making noises about leaving their respective employers - but for the manager of a £60m mid-second-quartile fund over a year, it seems somewhat excessive. The...