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Fund manager changes and appointments in 2002

December

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 investment trust.

 

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 early January

 

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.

 

November

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 Asset Management.

 

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 Investment Management.

 

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 Growth fund.

 

October

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 responsibilities.

 

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.

 

September

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 George Luckraft.

 

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.

 

August

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 Alliance.

 

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 Alastair Mundy.

 

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 David Ross.

 

July

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.

 

June

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.

 

May

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 Value Fund.

 

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 M&G.

 

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.

 

April

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 Assets.

 

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 co-manager.

 

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 Names Trust.

 

March

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.

 

February

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 equities team.

 

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.

 

January

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 Shant's successor.

 

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.