DeAM cuts three fund managers

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Steven Evans, fund manager, Michael Crawford, UK fund manager and Mark Hudson, UK small caps manager, will leave the company ahead of the reorganisation.

The departures follow the arrival last week at Deutsche of new chief investment officer, Peter Harrison, who replaced Karl Sternberg after he was pushed out of the company in July.

Harrison was formerly chief investment officer for global equities at JP Morgan Fleming Asset Management.

A source close to Deutsche said Evans would be missed as he enjoyed close relationships with some of its key institutional clients.

Deutsche said it is currently informing clients and consultants how it intends to improve performance and staff the UK equities team.

It will reveal the make up of the UK equities team on Monday, although sources say Deutsche will not hire replacements for the departing fund managers.

The asset management group has been performing poorly in UK and European equities for three years and its record trailed in the third quarter.

Last week, Financial News revealed the manager had lost 3bn (€4.4bn) of UK investment mandates, including 1bn pulled by Railpen, the railway workers' pension fund, which is one of largest in the UK.

The Prudential pension fund withdrew 1.7bn of business in September. Household names including Whitbread, Weetabix and Somerfield were among other schemes to take several hundred million pounds away from the fund manager last month.

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