Patrick Evershed joins Hargreave Hale

Former New Star fund manager Patrick Evershed has joined Citywire AA-rated Giles Hargreave's investment boutique Hargreave Hale.

In his new role Evershed will manage the investments funds for his private client business, which consists of his family and friends and has around £20 million in assets under management.   

Evershed has a wealth of investment experience and specialized in the UK smaller company sector, initially with Framlington ,and subsequently at Rathbones and New Star. He built his reputation as the joint manager with Sir William Stuttaford on the Framlington Capital fund between 1970 and 1990.

Evershed has been rated by Citywire on several occasions thanks to strong risk-adjusted returns during his time at Rathbones and New Star. He was last rated in May 2006. 

Commenting on the move to Hargreave Hale Evershed said: 'I am very impressed by their (Hargreave's) very high ethical standards – they always put their investors and clients first; and because of the outstanding performance of the funds they run.  

'Three of the four unit trusts they manage have a five star rating and one of their VCTs has held its value while the microcap sector has fallen by over 60%. In contrast many competitive products have lost over half their value.'

In his new role Evershed will team up with the highly respected Giles Hargreave, who is AA-rated for the strong aggregated returns he has delivered on the Marlborough Special Situations, Marlborough UK Leading Companies and Marlborough UK Micro Cap Growth funds over the last three years.  

Commenting on the hire Hargreave, who is chief executive at the firm, said: 'I am sure we will benefit from Patrick’s long experience in asset management in particular small caps.'  

Evershed is currently involved in a legal dispute with New Star after launching action against the firm at the start of this year accusing the firm of constructive dismissal last September after his New Star Select Opportunities fund took a hit in the credit crisis.

Last week he told Citywire that he had agreed to the use of a mediator following Henderson's acquisition of New Star in a bid to reach a swift resolution to the case.