Absolute return duo departs RWC

Absolute return duo departs RWC

 Peter Allwright and Stuart Frost, portfolio managers hired by RWC Partners in 2010 to bolster its absolute return business, have left.

 Both joined the boutique from rival Threadneedle and worked in rates and currencies, managing the RWC Cautious Absolute Rate & Currency fund. They left in March, an RWC spokesman said.
Allwright has joined Nomura, according to the UK’s Financial Services Register, returning to a bank where he previously worked as a proprietary trader. A spokeswoman for Nomura declined to comment.
It is not known where Frost is now working.
Allwright and Frost could not immediately be reached for comment.
The RWC spokesman said Davide Basile, who joined the fund manager to lead its global convertible bond team in January 2010, took over the management of the RWC Cautious Absolute Rate & Currency fund in March.
RWC manages $5.5 billion and has more than doubled its assets in the last three years.
Allwright joined Threadneedle in 2005 as a global bond fund manager after working at Gartmore. Frost joined Threadneedle in 2007 as a currency and fixed income trader, having previously worked at NatWest Markets.
Investment Management Association data from June on targeted absolute return funds shows that the RWC Cautious Absolute Rate & Currency fund performed negatively in 21 of the 24 12-month rolling periods over the last three years for which performance figures were available. The fund had less than $5 million in assets.