Manager Changes - February 2007 Resolution Asset Management
Terry Ewing is to rejoin former employer Resolution Asset Management, having left Old Mutual Asset Management (Omam) following a reshuffle at the end 2006.
Ewing spent over a decade at Resolution when it was known as Britannic, running the firm's American Growth fund from 1992 to 2002. In his new role at Resolution, he will take on the position of co-head of US equities working alongside Alison Porter. While at Omam Ewing was co-manager of the US Select Equity fund with Ann Hall, who also left the group last year.
Ruffer Equity & General & Total Return
Henry Maxey will not be managing any portfolios after his return to Ruffer following a four-month sabbatical.
Maxey handed the firm's Equity & General fund to Jane Tufnell and Alex Grispos, who have run the portfolio since October. The Total Return fund came under Steve Russell and David Ballance.
The firm originally said Maxey would take back the Equity & General fund on his return, but he will now focus his efforts on the broader investment strategy and will not be responsible for the day-to-day management or reporting on any portfolios.
Alliance Trust
Alliance Trust is to expand its fund range when Katherine Garrett-Cox joins from Morley Asset Management later this year. She moves to the Dundee-based financial services group in April, having spent almost three years as chief investment officer at Morley.
Last year, Alliance Trust launched its first open-ended funds, Asia-Pacific Equity and Japan Equity, run by its newly-created boutique investment arm AT Asset Management.
On arrival at the end of April, Garrett-Cox will become chief investment officer and group executive director, and be in charge of developing Alliance Trust's asset management business.
Before joining Morley as CIO in 2004, Garrett-Cox was CIO and investment director at Aberdeen Asset Management, prior to which she ran US money at Hill Samuel.
Merrill Lynch UK Income
Nick McLeod-Clarke has replaced Chris Littlejohns as lead manager on the Merrill Lynch UK Income fund, slashing portfolio holdings from 65 to 25. The group said a different management approach is required for the portfolio to be more successful against its peer vehicles. Littlejohns, who has managed this fund since 1993, will continue to run the Income Portfolio and Charishare funds.
McLeod-Clarke joined Merrills in 2001 and has run institutional mandates as part of the UK team. UK Income targets a high and growing income stream with some capital appreciation and has a tracking error of between 4% and 7% against the FTSE All-Share.
The former Morley manager is prepared to hold stocks that may currently pay low or no dividends but have potential to make significant payments in the future. The fund will also hold stocks where the yield is significantly higher than the market average.
M&G Global Technology & European Smaller Companies
M&G has given full responsibility to the current co-managers on its Global Technology and European Smaller Companies funds, while bond head Jim Leaviss is also taking on two further portfolios.
Cyrille Filott has taken over the Global Technology fund, leaving previous co-manager Aled Smith to focus on his joint head of global equities role and the Global Leaders and American vehicles.
Smith took over the technology fund in June 2005 and was joined by Filott in September of the same year. Filott has been named manager with effect from 1 January.
On the European Smaller Companies mandate, Giles Worthington has handed duties to co-manager Charles Annis and will focus on his Pan European product.
Meanwhile, Jim Leaviss, head of retail fixed income, has taken on the Emerging Markets Bond and Real Yield funds as original manager Michael Lack leaves the department to focus on the institutional desk.
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