Howard Hughes, former chief executive of Société Générale Investment Management (SGIM), has tapped his former employer to double the size of funds under management at Savoy Asset Management, the quoted UK financial group chaired by Kenneth Clarke, the former Conservative chancellor.

Hughes, who joined Savoy as London chief executive last year to develop the business, has hired 10 SGIM fund managers and 15 back-office staff. The move takes funds under management to nearly £1bn (€1.4bn) and doubles the number of fund managers to 20. Instead of paying a premium for a private client business, Savoy tempted the team as individuals by offering options and a new incentive scheme.