MMC Asset Management has lost its small cap portfolio manager to value boutique Maple-Brown Abbott.

Charles Dalziell has been appointed by Maple-Brown Abbott for a second time, rejoining as a listed property trust analyst reporting to Mark Herdman, the boutique’s head of research and chief operating officer. But he would soon become a portfolio manager “once he settles in,” a spokesman for the firm said. MMC would not comment specifically on its search for a replacement for Dalziell. Chief executive Alex Hutchison said he was conducting a full review of the business (see separate story). Dalziell worked at MMC for roughly two years before returning to Maple-Brown Abbott. In his first tenure at the boutique, from 1993 until 2000, he began as an analyst covering industrial and listed property stocks before becoming portfolio manager of the firm’s Diversified Investment Trust.