FTAdviser.com

Advertising

A spokesperson for Thames River confirmed that fund managers Mark Fawcett and Huw Llewellyn had left the group following the closure of the Thames River Japan fund.

In the company's last report in August, the fund managers acknowledged the adverse effect volatility in the financial markets was having on the fund’s performance.

“The fallout from the US credit crisis continued to have a negative impact on market sentiment despite valuations falling to very depressed levels,” they said.

According to Mr Fawcett and Mr Llewellyn, the fund's strategy of buying undervalued stocks had hurt performance badly in August, as stocks with low valuations and high return on equity performed worse than other stocks.

The fund is understood to have suffered redemptions and poor performance before closing, and had underperformed the Tokyo Price index by 466 basis points in August.

Thames River was unavailable for comment at the time of going to press.