The mandate of the Merrill Lynch UK investment trust is to be
transferred to Invesco Perpetual from 1 January, where it will be
run by Mark Barnett under the title of Keystone. Barnett is expected
to focus on capital growth, rather than income and growth, but the
portfolio is expected to have a high degree of overlap with
Barnettís other fund, the £278.1m Perpetual Income & Growth
Nick Roberts, a senior member of the core equity time at Merrill
Lynch Investment Management left the group last week after his
position was made redundant.
Credit Suisse fund manager Leigh Harrison is to give up his UK
growth responsibilities to focus on the Extra Income portfolio. In
January, responsibility for the UK Growth portfolio will pass to
Crispin Finn, while Richard Colwell will become the lead manager of
the Growth & Income and Managed Assets funds. In addition to this,
Adam Holmes is to take over the European fund from Alan Zlatar who
returns to Zurich.
Investec has appointed Peter Lowery to the 2nd chair on it's UK
equities desk, working with Alastair Mundy on the group's Cautious
Managed, Income Share, Capital Accumulator & UK Value funds. Lowery,
previously at Old Mutual, is expected to start work at Investec in
Henderson Global Investors is appointing Chris Wozniak as director
of global asset allocation in the UK-based fixed interest team.
Wosniak has transferred from Henderson in New Zealand where he was
chief investment officer in New Zealand.
Schroders is currently dealing with the loss of 5 members of its
investment team, including two fund managers. US Smaller Companies
manager Ira Unschuld is to leave to start a boutique operation in
the US and is taking 3 senior analysts with him. Meanwhile Corporate
Bond & Monthly High Income fund manager Robert Gall is leaving
within the next 6 months.
Richard Plackett joins Merrill Lynch Investment Managers from M&G to
run the ML UK Smaller Companies fund. Plackett ran the M&G Dividend
& M&G Extra Income funds.
Aegon European managers will run some of their UK funds on a long
term basis. Alistair Duffy will become lead manager on UK Tactical
whilst continuing to run European Growth. Mark Peden will manage UK
Equity Growth as well as the European Tactical portfolio he already
runs. The UK funds were managed by Matt Harris before his departure
for Swip in September but have since been under the caretaker
management of Peden. Jackie Bowie, manager of Technology Tactical
will take over from David Sheasby as manager of Worldwide Tactical.
Sheasby is also the groupís head of strategy and will continue in
that role. Audrey Ryan, returning from maternity leave will take on
the Aegon Ethical fund, which she previously ran, along with the
groupís Balanced Portfolio, Equity Income and Income Portfolio.
Govett Strategic Trust co-manager John Murray is reported to be
leaving the group within the next 6 months to take up a position as
managing director of investment trusts at Deutsche. No announcements
concerning a replacement have been made by Govett.
David Lis has taken over the management of
the Norwich Union Income & Growth fund after the departure of
Bradley Mitchell last week. Lis already runs the Norwich Union
UK Growth, UK Equity, Morley UK Growth & UK Focus funds, and
will be assisted by Mervyn Douglas, recently recruited from
Schroders. Other managers leaving Morley include Richard Morgan
and Paraseki Touba.
Juliet Cohn leaves Dresdner as part of the
integration of the groups Frankfurt pan European equities desk
with its London operation. Cohn managed the Dresdner RCM
European unit trust and the Charter Pan European investment
trust. She is replaced by Mark Lovett.
Stuart Niman joins Merrill Lynch from Kyte
Fund Management. Niman who is a former head of investment at
Halifax plc previously set up and ran the Kyte Enigma fund. He
will focus on short maturity gilt portfolios as part of
Merrill's sterling fixed income team.
Scottish Widows Investment Partnership has
appointed Nick Thompson to its US equities desk from Aerion Fund
Management. He will initially be focussing on research for
institutional and retail funds.
Gartmore has appointed David Thompson to its
European equities team. Thompson joins from Credit Suisse First
Boston as an investment manager and will initially be working on
the AlphaGen Capella hedge fund.
Allianz Dresdner Asset Management has named
Scott Nelson as head of its single manager hedge fund group. He
previously headed up hedge fund business at American Express
Nils Wittenhagen has been replaced as manager
of the DWS Investments European Smaller Companies fund. He is
replaced by Ruth Keattch who joined DWS Investments from Ruffer
Nicola Horlick will no longer run UK retail
or institutional funds at SG Asset Managment. John Richards will
take over the role of Chief Investment Officer while Horlick
will concentrate on her role as Chief Executive Officer.
Legg Mason Investors is set to use US fund
manager Bill Miller's expertise onshore with the 2003 launch of
the Legg Mason US Equity fund. The fund will be managed by
Miller and Mary Chris Gay.
Cesar Perez is due to join M&G from JPMorgan
Fleming in December. Perez will become the head of European
equities as well as managing the European fund. By doing so he
will replace Susan Smith who has left to pursue opportunities
outside the group.
Chris Rogers leaves Schroders' after 20 years
with the group prompting a series of manager changes. His place
as manager of the UK Growth investment trust is taken by Richard
Buxton and Simon Brazier takes over the helm of the UK Dynamic
Scottish Widows Investment Partnership has
appointed Matthew Harris as investment director to its Japanese
equity team. Harris, 28, has more than seven years experience
managing Japanese funds at Aegon Asset Management. He will work
on Japanese institutional funds with responsibility for research
in both retail and institutional funds.
Legg Mason Investors has replaced Neil Massie as manager of its
Global Growth & Global Telecoms funds. The change is being
attributed to refocusing of the business rather than cost
cutting. For the time being the two funds will be managed by
Jeremy Knight who was lead manager of Legg Mason European Growth
until Kieron Gallagher joined in March.
Liontrust is reported to be offering star fund managers Jeremy
Lang & William Pattisson ownership of 3% of the business each if
they remain for a further 3 years.
Philip Manduca's replacement at Morley Fund Management has been
named as Peter Rains. Rains is currently head of fixed income at
Morley an will retain this position in addition to his new
David Soden leaves Merril Lynch following a reshuffle of the
emerging markets desk. The review has so far led to two fund
managers leaving and the management of Latin American equities
passing to Merrill's New Jersey office.
Bob Attridge has retired from Govett Investments a mere 8 months
after joining them. Joining in February from Old Mutual,
Attridge was given responsibility for running all the group's
fixed interest portfolios. Attridge will be replaced by Carol
Lawson who joins from Equitable Life.
Invesco Perpetual has made 15 fund managers redundant. 8 of the
managers are based in New York, with 6 of the 15 being UK based
managers. Among the UK based managers to go are Robert Churlow,
head of UK equities institutional and Nick Ford, head of
European equities institutional. Others leaving the European
desk are Steve Chamberlain, Ben Legge & Anand Sunderji. Global
equity managers Richard Beggs, who manages the International
Growth fund, and Francesco Bertoni are also leaving.
Habib Subjally who joined from Merrill Lynch earlier this year
is named as head of global equities and becomes the lead manager
on International Growth. Bob Yerbury is named as Chief
Investment Officer for Invesco UK, a role which covers
institutional as well a retail business. Graham Kitchen is named
as head of investment, pan European equities in London, while
Neil Woodford becomes head of investment, Henley.
John Alexander is to leave Hendersons after 15 years. Alexander
manages the Smaller Companies Investment Trust and will be
replaced by Neil Hermon who joins from Morley Fund Management.
Hermon joins Hendersons in November, along with Theresa Wat who
worked with him at Morley. Alexander will remain at Henderson
for some time after Hermon starts.
Paul Thursby, Baring Asset Managements star fixed income fund
manager is leaving the company after 11 years. Thursby was the well
respected manager of the Global Bond, International Bond and
Sterling World Bond funds. Thursby is not thought to be joining a
competitor and is leaving for his own reasons. He is replaced on all
three funds by Colin Harte, his co manager for the last two years.
Schroders is axing its US team and is replacing fund managers Ian
Cooke & Ian Brady with a computerised investment vehicle following a
run of poor results. Cooke managed the North american fund while
Brady was responsible for the US Active Value fund.
James Foster has stepped own as manager of the Isis High income Bond
fund. Ian Robinson, who was a member of the old Friends Ivory & Sime
bonds team replaces him as lead manager of the fund.
Framlington Absolute Growth manager Stephen Payne has left the
group. Paul Brannigan, head of closed end funds at Framlington will
take over management of the portfolio. Payne also managed the
Framlington Extra Income fund, now the Equity Income fund managed by
Peter Kaye has left Friends Ivory & Simes and is thought to be
taking a post at Henderson Global Investors. Kaye's replacement at
FIS is Andrew Hudson, who assumes control of the Friends Provident
American & American Smaller Companies funds.
Lazard Asset Management has named Alan Clifford as manager of its UK
Smaller Companies fund. Clifford joins Lazard from Legal & General
where he is manager of the Life UK Active Smaller Companies fund,
and is a replacement for Richard Smith who left earlier this year to
join Invesco Perpetual.
Ex Gartmore Smaller Companies manager Frank Manduca has joined UBS
Global Asset Management as head of UK small caps.
This week finally marks the time when ex ABN Amro star managers
George Thomas & Nigel Luckraft join Framlington. Thomas will run the
UK select opprtunities fund, previously the Capital Trust, with
Luckraft running the Equity Income and High Income funds, previously
the Extra Income & UK Bond funds respectively.
HSBC have suffered a further blow with head of product development
Mark Dixon moving to Invesco in October.
Mark Tyndall and Adrian Paterson are to run the Artemis and ABN Amro
UK Growth funds as a team. Paterson is to be named manager on the
Artemis fund while Tyndall will head up Nigel Thomas' ABN portfolio.
David Berry is to become a co-manager of 2 of Martin Currie's
investment trusts and OEIC funds. Berry joins from Royal&SunAlliance
Investments and will join Tom Maxwell as co-manager of the
Securities Trust and Premium Trust as well as the Balanced Portfolio
& Income Fund OEICS.
5 key fund managers have left HSBC Asset Management to join
stockbroker Cazenove. The 5 include the respected UK growth & income
manager Tim Russell and European growth manager Chris Rice, and are
expected to leave within 3 to 4 months. The three other managers
concerned are UK equity mangers Julie Dean & Wade Pollard and
European fund manager Steve Cordell.
Heather Manners has been replaced by John Crawford at Henderson
Global Investors. Manners, who manages the Pacific Capital Growth
fund is currently on sick leave and it is not yet clear when she
will return to the office.
Gary West, co manager of the JP Morgan Premier Equity Income fund
has left the group. The fund is take over by James Inglis-Jones who
was also the funds co manager. West's responsibilities on the
Fleming Claverhouse fund will be assumed by James Illsley.
Neil Ridge has left Deutsche. He previously managed the UK Blue Chip
fund and his role will be taken over by Michael Crawford who has
been with Deutsche running UK equities for 6 years.
Insight Investment, the asset management arm of HBOS has hired Peter
Geike-Cobb to run a retail international bond fund. Geike-Cobb has
previously worked for Mercury & Merrill Lynch and is expected to
join Insight in October. Other Insight joiners include Chris Hartley
from Foreign & Colonial and David Hooker previously at Royal & Sun
Rodger McNair is to manage the Isis UK Equity Income fund, created
from the merger of the Friends Ivory & Sime (FIS) and Royal &
SunAlliance (RSA) UK Equity Income funds. McNair currently manages
the Isis Dynamic fund which will be merged into the the RSA UK Prime
fund, managed by Mike Felton, and renamed Isis UK Prime.
Gartmore's fixed income senior investment manager Eran Peleg is
leaving the company after five years to return to Israel. Peleg's
funds will be taken over by Paul Grainger, who has managed
Gartmore's UK fixed income portfolios since 1999 and also runs its
UK Gilt and Fixed Interest fund.
Gartmore have announced the appointment of Chris Burvill to the new
role of Head of UK Equity Income. Burvill joins from Investec where
he has spent the last ten years, most recently as Head of UK Equity
Income. Burvill's replacement at Investec is understood to be
Old Mutual have replaced Adrian Farthing as manager of its European
Funds. Farthing, who previously managed the European, European Blue
Chip and OM Gerrard European Growth funds, has been replaced by
Merrill Lynch Investment Managers has announced Marcus Sperber is
joining its property team as a fund manager. Sperber was formerly
head of property development at property specialists Ashtenne.
M&G's specialist telecoms & media manager Aled Smith will assume the
role of the head of global specialist equities team, replacing Greg
Kerr. Kerr will continue to run the M&G Global Technology fund.
Anthony Bolton is to step down from his role managing the Fidelity
European fund on 1st January 2003. The intention is that he will
concentrate on his UK portfolios and act as a mentor to younger fund
managers within the group. Management of the European fund will be
taken over by Tim McCarron.
Edinburgh Fund Managers is expanding its funds of funds and manager
selection division with the appointment of John Livingstone from
Henderson Global Investors. Livingstone will be joint head of
managed funds research for EFM's Edinburgh Portfolio and will work
alongside Craig Heron. He will be responsible for fund and sector
research and analysis.
ABN Amro and Framlington have agreed an out-of-court settlement,
allowing fund managers George Luckraft and Nigel Thomas to begin
running money in September. The managers will finally start work for
Framlington after negotiations between the companies culminated in
ABN, the two managers' former employer, dropping its charges of
breach of contract just days before the case was due to go to court.
Govett Investments has added a fund manager and an analyst to its
Singapore based Japanese equities team. Chiharu Shima joins as fund
manager and Raymond Wong becomes Japan analyst.
Trent May is replaced as manager of the Invesco Perpetual US Growth
fund by Rita Whig, the groups retail head of US equities.
Kevin Gibson leaves Edinburgh Fund Managers for HSBC. Gibson who was
manager of Edinburgh's Tokyo fund will join HSBC's Tokyo office, but
though it has been confirmed his position will be a senior one, his
exact role has not yet been defined. Edinburgh have announced
Gibson's understudy, Adrian Hickey will be an interim replacement.
Fidelity American manager John Muresianu has left the group with the
management of the fund passing to Fergus Shiel. Shiel also runs 3
funds in the US and their are no plans at this time to reduce the
number oif funds he manages.
Matt Harris switches from managing the Japan portfolio at Aegon to
run the group's UK equity portfolio. Harris will next month become
the lead manager on all UK funds including Aegon UK Growth, UK
Tactical & UK Equity Income. No decision has been made on his
replacement on the Japan portfolio.
Scottish Widows Investment Partnership has announced the appointment
of Jan C de Bruijn as a senior fund manager on the Asian and
Emerging Markets team. He joins from Shell Pensioenfonds Beheer in
Holland where he was most recently senior portfolio manager in the
Emerging Asian markets. De Bruijn joins Swip as of August 19.
David Berry moves to Edinburgh based investment house Martin Currie.
Berry was previously manager of Royal & Sun Alliances UK Growth and
Income & Equity Income funds.
Exeter Asset Management has appointed Max Schlaefi as co-manager of
its High Income unit trust. He works alongside chris Giles who moves
across to the investment trust side of the business in 6 months.
The boards of Artemis and ABN Amro have announced that ABN Amro have
acquired a 58% controlling interest in Artemis Fund Managers. The
two firms will be merged and the new group called Artemis.
Morag Lenman assumes control of the AXA Global Growth fund from
Steve Tyson, who will focus on the World Opportunities fund. Lenman
was formerly a member of the Global Equity team at Lombard Odier.
David Soutar is resigning from Solus following Solus Managing
Director John Eckersley's decison to leave in order to establish his
own company, Castlefield Investments. Soutar who currently manages
the Solus UK Growth and UK Equity Income funds remain until the end
of August when John Smith, who has been at Solus for a number of
years, will take over.
Ian McNeill resigns as manager of the Morley European Focus fund and
£225m Norwich European Equity fund and moves to join Clerical
Medical Investment Management. McNeill will manage their new
European fund. He is replaced at Morley by Gavin Corr.
Nigel Thomas and George Luckraft have left ABN Amro after serving
only two months of their 12 month notice period. James Cotton, who
was Thomas's deputy on the UK Select Opportunities fund, will become
lead manager and will also assume control of the UK Growth fund.
Adam Gray will manage Luckraft's Equity Income fund and co-manage
the High Income fund with Dan James.
Invesco Perpetual fund manager Claire Griffiths is to take a
sabbatical from running the European Smaller Companies Fund.
New Star have recruited James Gledhill from Morley to its retail
corporate bond business. Formerly Head of Institutional Business
Gledhill arrives at New Star in August.
Hugh Sergeant and Hari Sandhu join SocGen from Institutional Fund
Manager UBS. As a result of have postponed the launch of a number of
retail investment funds.
Habib Annous has resigned as manager of the Merrill Lynch UK Smaller
Companies and UK Value Funds to join institutional fund managers
Capital International. Carl Lee will takeover as manager of the UK
Smaller Companies trust and James MacMillian will takeover the UK
Invesco Perpetual UK Growth manager Stephen Whittaker is to join New
Star. Whittaker is to take over the management of New Star's UK
Growth fund which is currently run by Alan Miller. Miller will
concentrate on his role as Chief Investment Officer. Whittaker's
replacement at Invesco perpetual is Ed Burke, manager of the group's
UK Aggressive Focused fund.
Theodora Zemek, currently Chief Investment Officer at M&G is
reported to be on the verge of joining New Star. Details are not yet
being confirmed as Zemek has not yet finalised her resignation from
Katherine Garrett-Cox has stood down from her role managing
Aberdeen's US and Global Champions funds. She continues in her role
as Chief Investment Officer for Aberdeen.
Peter Webb has resigned as manager of the Premier UK Smaller
Companies fund. Webb previously ran the fund under contract at his
own firm, Unicorn Asset management, which will cease to be the
external adviser to the fund on 31st October 2002. Premier intend to
announce a successor in due course.
Tim Sharman joins Friends, Ivory & Sime from Royal & Sun Alliance to
manage the Friends Provident American smaller companies fund. Robin
Wrench leaves Deutsche Asset Management to run the Friends Provident
stewardship trust.For the last 6 months both funds had been managed
by the head of the US desk Peter Kaye.
Control of the under-performing Framlington New Leaders fund has
been passed to William Calvert. Former manager, Neil Birrell, became
the Chief Investment officer in November.
Chris White leaves as manager of Legg Mason Monthly Income and Legg
Mason UK Income to join Threadneedle and run the UK Equity Income
and UK Monthly Income funds. Threadneedle managers Scott Meech and
Steve Thomber, will work elsewhere within the company. White's
position at Legg Mason will be filled by Andrew Whalley, Head of
David Haysey will take over from James Anderson as the manager of
Deutsche European Growth.
Dino Fuschillo leaves SocGen where he was Head of European Equities
and manager of the Socgen European Growth fund, to manage Martin
Currie's European desk. Management of Socgen European Growth fund
passes to Stuart Gilmartin, who was previously Fuschillo's
Tim Hurst has been succeeded by Guy Hardwick as manager of the Legal
and General Growth Trust.
Tim Russell replaces by Bob Morris as manager of the HSBC Household
George Luckcraft and Nigel Thomas have
resigned from ABN Amro to join Framlington........but....... ABN Amro have announced that they
will hold the two managers to their 12 month contracts.
Ian Dickson, who has managed the Henderson Preference & Bond fund
since 1981 is to retire in July. The role of manager has been taken
over by John Pattullo who has been responsible for certain aspects
of its management for the last few years. Until his retirement,
Dickson will cover for Mhairi Mackelworth, who is on maternity
leave, and who is the manager of Henderson Long Dated Corporate
Bonds and a number of pension funds.
Daniel Roberts is joining Invesco Perpetual from M&G where he worked
as an analyst and trainee fund manager on the European equities.
Roberts will strengthen the Invesco Perpetual UK institutional
The successor to Ian McVeigh will be Humphrey Van der Klugt who
currently runs the Schroder UK Equity fund. The resignation of
McVeigh has also led to changes in to three other funds with the UK
Active Value fund to be run by Ben Whitmore. The replacements for
the Schroder Income Growth and Schroder Split investment trusts are
still to be announced.
Ian McVeigh leaves Schroder's in a surprise move. McVeigh's
departure comes at a time when wide reaching changes are expected at
Schroder offices around the world following a review of operations
by recently appointed chief executive Michael Dobson. McVeigh was
the widely respected manager of the Schroder Income Growth Trust and
is thought to be leaving to set up a hedge fund operation. Schroders
have not yet named a replacement.
Credit Suisse has indicated that the replacement to Rajesh Shant
will be Alan Zlatar, currently head of continental Europe at CSAM's
Zurich based operation. Zlatar is apparently awaiting FSA approval
to run money in the UK and his announcement will be confirmed as
soon as this is granted.
In a busy period for Credit Suisse, UK Growth Fund manager Trevor
Green is leaving to take charge of the RCM Dresdner Global Investors
UK Growth & UK Mid Cap portfolios. His replacement at Credit Suisse
is Leigh Harrison who joins from Sun Life of Canada who were
themselves purchased by Credit Suisse last year. Harrison has run
the SLCAM Extra Income portfolio for the last three years.
Mark Niznik leaves Invesco Perpetual to join Standard Life
Investments This in the same week that Invesco Perpetual has hired
four fund managers, including two members of the Merrill Lynch
Global Titans fund team to run the Invesco Perpetual Global Dynamic
Theme fund. Niznik will serve out his three month notice period
which extends until April and Invesco Perpetual will find a
replacement during this time.
Bob Attridge has joined Govett Investments from Old Mutual Asset
Managers. He replaces Rick Wisentaner, who recently left Govett.
Artridge's appointment was made to strengthen the company's fixed
interest and corporate bond offerings.
Rajesh Shant leaves Credit Suisse (European Fund) in order to manage
the Newton European fund. Credit Suisse have not so far named Mr
Rothschild Asset Management have recruited Nicholas Malins-Smith
from Friends Ivory & Sime in order to take control of the Five
Arrows UK Smaller Companies fund.