Manager Changes - April 2007 Invesco Perpetual’s Kathryn Langridge
After 17 years with Invesco Perpetual, fund manager Kathryn Langridge has left to head up the global emerging markets team at Lloyd George Management. Langridge, who managed a number of funds at Invesco including Emerging Countries, Global Smaller Companies and International Equity funds, is set to join Lloyd in June and will replace Jacob Rees-Mogg and Edward Robertson on the Lloyd George Global Emerging Markets Representative fund.
Invesco Perpetual’s Chief Investment Officer and Chief Executive, Bob Yerbury, has taken responsibility for asset allocation decisions on the various international portfolios, including the trust. He will make a long-term decision on future arrangements in due course.
During the transition period and until Kathryn takes over in June, Robert Lloyd George, chairman and chief executive of Lloyd George Management, will be managing the global emerging markets portfolios with the help of the team in London, Bombay, Hong Kong and Singapore.
Newton Income
Christopher Metcalfe, who joined Newton last June, has replaced Nick Clay and Rob Marshall-Lee on the Newton Income fund. The Income fund primarily invests in larger companies in line with Newton's UK equity model. Clay will remain assistant manager of the fund and will continue to run the Newton Managed fund. Both Clay and Marshall-Lee took on the Income portfolio following the departure of Glen Pratt 18 months ago.
Standard Life UK Opportunities
Mark Niznik, manager of the Standard Life UK Opportunities fund, has left Standard Life Investments with immediate effect to join Artemis as a small-cap specialist. Niznik is expected to join Artemis in October.
Niznik's main responsibility at Artemis will be small-cap stocks and he will join the UK multi-cap team, working alongside John Dodd, manager of the firm's UK Smaller Companies fund, and Derek Stuart, who looks after the Artemis UK Special Situations fund.
This fund was one of our preferred funds and the presence of Niznik as lead manager was a major factor in recommending this fund. As yet his permanent replacement has not been announced, so in the interim, Harry Nimmo, manager of Standard Life’s UK Smaller Companies fund, will be managing the fund.
We are conscious that Niznik was the undoubted star when it came to managing this fund, and with his departure we are reluctant to place new monies into the fund until his successor has been announced. Nimmo is, in our opinion, a good manager within the UK Smaller Companies sector, but it is not Standard Life’s intensions for him to become the long-term manager of this fund, which invests in large, mid and small-sized companies.
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