The Bank of England has focused too much on avoiding deflation at the expense of countering declining real incomes, according to Cazenove.
Cazenove has criticised the IMA for not bringing "vital clarity" for investors after the trade body decided against making changes to its Absolute Return sector for at least another 12 months.
Fund groups have warned the RDR will lead to increased volatility in fund flows and a greater share of assets going to a handful of the larger asset managers.
Cazenove has appointed John Warren from UBS to work alongside small and mid-cap manager Paul Marriage.
Cazenove has promoted Rob Thorpe to the newly-created head of UK retail position.