RAB U.K. Fund Managers Out

Mar 17 2009 | 3:22am ET

More changes are afoot at RAB Capital, as the hedge fund has replaced the managers of what little is left of its U.K. fund.

Mark Darell-Brown and Steve Thompson, who managed the fund to a 31% decline last year, will leave the London-based firm, the Financial Times reports. In their stead will step Simon Acton and Alex Condrington, the managers of RAB’s Europe Fund.

There’s not much managing left to do at Darell-Brown and Thompson’s former fund: RAB’s U.K. fund, which managed more than US$400 million just two years ago, now has less than US$5 million in assets after almost all investors pulled their money.

The departures at the U.K. fund follow co-founder Philip Richards’ decision last year to step down as CEO to focus on managing the firm’s flagships, both of which lost in excess of 60% last year.

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