Quantum Asset Management, formerly Dawnay Day Quantum, has informed investors that its UK Absolute Income Fund is now managed by Thames River Capital. A spokesperson for the latter confirmed to WealthBriefing that portfolio manager Joel Amsellem has moved with the fund.

Thames River said it is in the best interests of all concerned that the fund, which is worth £12 million ($19.5 million), be part of a bigger investment manager with stronger distribution and a developed operations and infrastructure platform.

Quantum said in a statement that every effort is being made to ensure the requirements of advisors and investors are met. Keydata is to remain plan manager for the firm's structured products and will provide information on valuations, holdings and early redemptions.

Quantum specialises in structured investments offering capital protection and in quantitative funds. Last September, it was bought out by management and re-branded to disassociate itself from troubled former parent Dawnay Day International.

Thames River, which manages long-only and absolute return funds, made five appointments to its credit and European equities teams earlier this week. The firm manages $8.7 billion and has 164 staff, including 89 investment professionals.