Brook calls lawyers into scrap with Devon moves

In a letter sent to investors last Friday Brook managing director Mark Brighouse acknowledged the significant amount of media interest regarding members of Brook's investment team intending to engage in employment at Devon.

"In light of these announcements and further developments, we have instructed our lawyers to issue proceedings in connection with breaches of fiduciary obligations and we are working closely with our legal advisers and our parent Macquarie in considering whether to institute proceedings against Devon Funds Management," the letter says.

Devon executive chairman Paul Glass was co-founder of Brook with Simon Botherway until 2007 when Brook was sold to Macquarie Group.

Glass returned from gardening leave in March and acquired Goldman Sachs JBW Asset Management renaming the business Devon Funds Management and flagging his intention to have the biggest investment team in the country.