Big names have dominated the headlines, but there have been other surprising moves. The most recent is the departure of James Sullivan from Miton, who has co-managed the CF Miton Special Situations alongside Martin Gray. It follows Miton’s acquisition of PSigma earlier this year and the departures of Neil Cumming and David Hallam from the group, although it is said to be unrelated to the reorganisation of management on other Miton funds.
Other moves include Tineke Frikkee moving to Smith & Williamson in July as manager of the UK Equity Income Trust, after she was replaced on the Newton Higher Income fund by Richard Wilmot in December 2012.
Meanwhile, Virginie Maisonneuve, head of global and international equities at Schroders, is leaving the company at the end of 2013 for Pimco, as managing director, global head of equities and portfolio manager. Her team responsibilities at Schroders will be taken on by Peter Harrison, while Simon Webber, currently deputy manager, takes control of the Global Alpha Plus fund and the offshore Schroder ISF Global Equity Alpha fund.
While most of the major moves will have been completed by the end of the year, the outstanding number of retirements – and Mr Woodford’s next step – means there is scope for more changes in the industry next year. With many of the so-called ‘star’ managers reaching retirement age, there is a need for ‘young blood’ to start moving up through the ranks.
Nyree Stewart is deputy features editor at Investment Adviser
Manager merry-go-round: industry views
Rob Morgan, pension and investments analyst, Charles Stanley Direct:
“Mr Woodford has spent 25 years at Invesco Perpetual and retirement or a change of direction was always going to happen at some point. Importantly, the six-month transition period means nothing is changing overnight. Investors have plenty of time to consider whether they do wish to invest elsewhere.”
Adrian Lowcock, senior investment manager, Hargreaves Lansdown:
“We do not believe investors should rush to a decision –in our view Neil Woodford is an exceptional manager and he will continue to work hard at achieving strong performance for investors until he departs. A change of manager, particularly one so high profile, will be a hard act to follow.”
Tim Cockerill, investment director, Rowan Dartington:
“It is always worth considering in these situations how much of a funds’ performance is down to a particular individual and this is very hard to assess.”
Jason Hollands, managing director, Bestinvest:
“The news that Neil Woodford is to leave Invesco sets the seal on 2013 being a year of major moves among leading fund managers. Whenever there is a manager move it is important to reappraise the view for holding a fund.”
