Cazenove Capital's head of pan-European equities Tim Russell is to leave the company in July for a career break.

Fund manager Chris Rice will take over from Russell, while Steve Cordell will assume responsibility for the Cazenove UK Absolute Target Fund and UK core offshore hedge funds.

Cordell will be supported by supported in his fund management role by Julie Dean. Rice, Cordell and Russell joined Cazenove Capital from HSBC in 2002.

Andrew Ross, chief executive officer of Cazenove Capital, said, ‘During his nine years at Cazenove Capital Tim Russell has been hugely influential in building our investment funds business.

'I have much enjoyed working together and would like to thank him for all he has done for us.

He added, 'Tim’s departure allows Steve Cordell to return to the UK retail market, bringing with him extensive long/short experience which will be invaluable as he takes responsibility for our UK core absolute products.’

Russell said he had ‘thoroughly enjoyed' his time time at Cazenove Capital, adding, 'I am fortunate to leave a strong team to take up the baton and am confident that Steve and Julie will continue to deliver consistent returns for clients.'

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