Insight cuts six from UK equity team

Insight Investment, the fund management unit of HBOS, has shed three fund managers and three analysts in a reshuffle of its UK equity team.

John Bearman, head of UK equities and UK equity managers Des Brennan and Rebecca Chesworth have left the group as part of the overhaul. Also departing are analysts Jonathan Jackson, Peter McLoughlin and Kate Pettem from the research team.

Stuart Eaton, who joined the firm from Newton last year, will head the new UK alpha team and will be assisted by Eric Moore, who joined from Gartmore.

A spokeswoman for Insight said: "We do want to address performance issues on UK equities and it's also an opportunity to restructure our portfolio teams."

The changes to the UK team are aimed at putting more emphasis on smaller fund management teams, which will have greater accountability and capacity to generate alpha.

The new fund management platform will consist of three elements: passive/enhanced index, long only alpha and long/short strategies.

Insight said that its benchmark tracking strategy could contain both passive/enhanced index and alpha in proportions to suit client's risk appetites. The third element is an absolute return strategy with a cash benchmark, sourcing alpha from UK, European and potentially global equities.

Insight is also restructuring its analyst teams, led by head of research Nick Anderson, into five 'super-sectors' which it said would give them the ability to roam more widely to select the best stocks. The five sectors are resources, financials, industrials, consumer and services.

Insight head of equities Sandy Black, said: "I am confident that our new approach will give Insight UK equity portfolios a sounder footing for the future and prepare the ground for successful higher alpha and long/short portfolios."