Orbitex Investments, the specialist fund manager, has hired a former Morgan Grenfell Investment Management fund director to develop institutional business for the firm's pension products and offshore sector funds in London.

Tony Yolland, who has been working as an independent consultant for the past two years, joins Orbitex as vice-president of institutional development. During his years at Morgan Grenfell, where he was fund director of the managed funds service, its funds grew from £7m (€11.4m) at inception to in excess of £2bn.