RAB Capital is on the lookout for a new co-manager for its European long/short equity strategy fund after James Elliot quit the London-listed hedge fund manager after just 18 months to rejoin JP Morgan Fleming Asset Management.

Elliot joined RAB from JP Morgan Fleming in March last year and has since worked alongside Simon Acton as co-manager of RAB Europe Fund, one of the group's equity funds whose assets under management rose more than two-thirds to $277m (€218.6m) in the 12 months to the end of June, according to the group's interim report.