Manager Changes - June 2007 Gartmore US Funds
Gartmore has replaced its US management team including veteran Gil Knight after a period of underperformance. Gil Knight and Chris Baggini co-managed the US Opportunities fund while Baggini ran the US Focus fund and Gary Haubold US Growth. Marsico Capital Management, who are specialists in US large and multi-cap equities will replace them.
The manager changes follow a comprehensive review of Gartmore’s US Equity platform. Marsico will take control of the Gartmore US Opportunities fund and the Gartmore US Growth fund from 29th June 2007. The Marsico 21st Century fund has delivered strong cumulative growth of 71.3% over the last five years compared with the S&P 500 Index return of 16.2% over the same period.
Gartmore has also announced it will merge the Gartmore US Focus fund into the Gartmore US Opportunities fund (subject to shareholder and regulatory approval) as it was too small to be viable. The US Opportunities fund will have a multi-cap mandate while the Growth fund will have a large cap bias.
AXA Framlington Global Technology
AXA Framlington has appointed Jeremy Gleeson to run its Global Technology fund. Gleeson, previously senior portfolio manager of technology at Close Investments, will replace Nick Evans, set to leave the firm in July. While at Close, Gleeson was the manager of several technology funds comprising over £80m in assets.
Standard Life UK Opportunities
With the recent announcement that Mark Niznik had left the Standard Life UK Opportunities fund, it has now been announced that Caspar Trenchard will take control of the fund. Trenchard arrives from First State where he was managing their British Opportunities fund.
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