Marlborough Fund Managers has announced plans to merge two UK funds, one of which was formerly run by Greg Bennett, into portfolios managed by Giles Hargreave.
Greg Bennett has left Marlborough to join his former Neptune colleagues at Argonaut Capital.
Marlborough Special Situations and UK Micro Cap Growth manager has moved to cash in anticipation of buying opportunities.
Marlborough's Giles Hargreave has been building up his cash positions as he expects one more major market sell-off, which will send the FTSE 100 down 10% to 4,700.