Manager Changes - May 2007 European Manager leaves BlackRock Merrill Lynch
BlackRock Merrill Lynch has lost its second European manager in the space of six months, with Gavin Corr leaving to the company. This comes after Niall Gallagher left at the end of last year (2006) to join T. Rowe Price. The departure of Corr, who managed the European Growth and European Focus funds, leaves the group's head of the European equities, James Macmillan, to manage these funds.
Merrill Lynch High Income Bond
Daniel McKernan has taken over the Merrill Lynch High Income Bond fund from head of UK credit, Paul Shuttleworth. According to the group's managing director, Richard Royds, McKernan was lined up to take over the fund since he joined the firm from Aegon in 2005.
AXA Framlington Technology
Nicholas Evans has left his position as manager of AXA Framlington's Global Technology fund. Stephen Kelly, who looks after the firm's American Growth fund, will take over the vehicle while a replacement is found. At the end of March, the Global Technology fund held 75.7% of its holdings in North American stocks, with Evans and Kelly working together until the former leaves in the summer.
Close Special Situations
Justin Jordan has left Close Investments and will join Credit Suisse in July. Jordan managed the Close Special Situations fund since it was launched in May 2006, and his deputy, Freda Isingoma, who has worked alongside Jordan since she joined the smaller companies team in 2001, will take on the mandate.
Credit Suisse Smaller Companies
Credit Suisse has seen yet another manager change, with James Chapman joining to head up the group's Smaller Companies fund from June. Current lead manager, Stuart Harris, will move to the company's emerging markets team, based in Singapore, where he will specialise in the emerging markets listed real estate sector.
Fidelity Special Situations
At the end of last year (2006) it was announced that the current manager of the Fidelity Special Situations fund, Anthony Bolton, would be leaving the fund in January 2008. Fidelity has only recently announced Bolton’s successor to be Sanjeev Shah, who currently manages Fidelity’s European Aggressive fund.
The announcement ends months of uncertainty about Bolton's replacement and Shah will take full ownership of the fund on 1st January 2008 after a transitional period when he will work with Anthony Bolton on the fund.
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