MSN MoneyCentral – Julius Baer has sold its $9bn London fixed-income investment boutique to management, just 18 months after the Swiss bank bought the far larger Global Asset Management from rivalUBS.<\/p>\n
The newly independent division \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 rebranded as Augustus Asset Managers \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u0153 has recruited Howard Carter, former chief executive of Foreign & Colonial, the UK-based investment trust group, as non-executive chairman.<\/p>\n
Augustus will continue running hedge funds, traditional long-only funds and absolute return funds for Julius Baer but hopes to use its independence to expand, particularly in the US.<\/p>\n
However, the first job of the management team is to turn round performance after a dismal year during which the two flagship hedge funds both failed to generate acceptable returns.<\/p>\n