Fund managers who specialise in UK stocks are fond of saying that "a UK equities fund is a global equities fund", because so many international companies list in London. You can see their point, but investors are less and less willing to buy it - so it is no surprise to see UK equities firms moving increasingly into global stocks.

Today, well-regarded boutique Four Capital Partners, which was founded three years ago by a team of UK equities specialists from Schroders and HSBC, announced it has hired Colin McQueen, formerly of UBS and Morgan Stanley, to be the head of a new global equities team. He will be joined by colleague Stephen Walker and Justin Maloney, who used to be at F&C.