Photographer: Chris Ratcliffe/Bloomberg

RWC Partners Hires 16 People From Everest Capital for New Funds

RWC Partners, a London-based asset manager minority-owned by Schroders Plc, plans to start new funds after hiring 16 people from Everest Capital.

RWC is setting up emerging markets long-only, frontier market long-only and long-short as well as Asia long-short equity funds, Chief Executive Officer Dan Mannix said in e-mailed reply to a Bloomberg query.

The funds will be managed by a 15-person new emerging and frontier markets team led by John Malloy and James Johnstone, both former employees of Everest, Mannix said.

Everest’s $830 million global fund was wiped out in less than a day after the Swiss National Bank removed the franc’s exchange-rate cap against the euro, sending the currency surging as much as 41 percent on Jan. 15. The firm, founded by Marko Dimitrijevic, told investors in February it was shutting six of its seven remaining funds and returning most of their money after surviving a quarter century of gyrations in emerging markets.

RWC’s emerging and frontier markets team will be based in Miami and Singapore, where it is setting up an office pending approval from the local regulator, Mannix said. A few of the new hires from Everest are in non-investment roles.

RWC managed $10 billion in long-only and long-short strategies, Mannix said. It has funds focused on global, European, U.K., U.S. and Japanese stocks and convertible bonds, according to its website. Schroders bought a stake in 2010.

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