Baring Asset Management (BAM) is believed to have fought off heavyweight competition to keep the contract to run the $330m (€356.3m) Baring Emerging Europe investment trust.

Winning last Friday's beauty parade will be a relief for Michael Hughes, BAM's chief investment officer. Hughes, who moved into the top job at the UK investment house last summer, was faced with the prospect of losing the contract when first Martin Taylor and then Rory Landman, both fund managers who defected to boutique Thames River Capital.