Ignis Asset Management has folded four of its multi-manager businesses into a single unit and hired an executive who used to lead a similar business at RBS and Coutts to run it.

The £71bn fund manager, owned by insurer Phoenix Group, has set up Ignis Advisers, as the new unit will be known. The unit will comprise the firm's funds-of-funds capabilities in hedge funds, private equity and real estate, as well as Simon Mungall's retail multi-manager business, which looks after £110m.