RIT Capital Partners (RCP ) has strengthened its investment team by hiring Frank Ducomble, former head of global and US equity sales at Morgan Stanley, in a new role as head of markets.

Ducomble, who has over two decades’ experience working in both the sell and buy side in London’s equities markets, started work this week at J Rothschild Capital Management (JRCM), the £2.6bn global multi-asset trust’s wholly-owned fund management subsidiary.

He will work closely with Nick Khuu, who replaced Ron Tabbouche as JRCM’s chief investment officer last year, and report to Maggie Fanari, the former Ontario Teachers’s Pension Plan fund manager who succeeded Francesco Goedhuis as chief executive in January.

In a statement Fanari said Ducomble brought a wealth of experience and an extensive network to complement RCP’s ‘deep global partnerships’.

She added: ‘As part of his role, Ducomble will support our investment team in pursuing evolving thematic investment opportunities arising from changing market dynamics including a new interest rate cycle, an evolving geopolitical backdrop, and many major economies holding elections.’

Ewan Lovett-Turner, head of research at RCP’s corporate broker Deutsche Numis, said he expects to hear more about Fanari’s ‘vision for the portfolio’ but believes ‘it will be based on similar principles given her background at Ontario Teachers’ Pension Plan, which operates in a similar way to RIT Capital, building a diversified global portfolio across assets classes, with exposure to both public and private assets’.

The appointment comes amid a stabilisation in RCP’s share price this year after a 21.9% fall over three years. That has left the stock trailing on a 29% discount to net asset value and the company struggling to convince investors about the wisdom of its 36% private equity exposure.