Andrew Steel, the departing chief executive of JO Hambro Investment Management, leaves with the company well placed to cope with the challenges facing the wider funds industry. Accounts for last year show the London-based group weathered 2008’s market falls better than many of its rivals.

Steel, who joined the group in 1994 and has served as its chief executive since 2007, announced that he was retiring from the group for personal reasons earlier this week. His departure follows what has been a difficult year for investment managers globally.