Martin Phipps, formerly head of European alternatives distribution at the troubled UK fund manager Gartmore, has resurfaced at NewSmith Capital Partners, an asset-management boutique founded by a team of execs from Merrill Lynch.

Phipps lost his job in Gartmore's cost-cutting restructuring in December, a spokesman for the company said. A few weeks later, rival Henderson Global Investors said it planned to buy Gartmore.