Manager Changes - May 2010 AXA Framlington Japan:
Anja Balfour who is the manager of the AXA Framlington Japan and AXA WF Framlington Japan funds has left the group she joined in 2004. Under Balfour’s stewardship, the Japan fund under-performed by a reasonable margin. Following a re-organisation of the Japanese Equity team by AXA Framlington, Balfour agreed to leave and Chisako Hardie, the manager of the Japanese Smaller Companies fund, has taken over responsibility for Balfour’s funds, and Hardie will also head up the Japanese Equity desk, with support from the Global Sector team.
Schroder Income:
The managers of the Schroder Income fund, Nick Purves and Ian Lance, have both resigned from the group to join RWC Partners, and will officially leave in August 2010. Kevin Murphy and Nick Kirrage, managers of the Schroder Recovery fund, have been appointed as Purves and Lances’ successors on the Income fund, and will continue to run the Recovery fund as well.
Baillie Gifford High Yield:
Ben Thompson, the lead manager of the Baillie Gifford High Yield Bond fund has announced his decision to leave the industry in June 2010, with Donald Phillips and Rob Baltzer, both members of the groups Fixed Income team, chosen as his replacements.
Schroder European Equity:
JP Morgan has hired Gary Clarke from Schroders where he was the Head of European Equities and manager of the Schroder European Equity Alpha and Schroder ISF EURO Equity funds. Clarke will join JP Morgan’s Global Equity team and become the co-Head of Global Thematic and Retail Portfolios alongside Peter Kirkman. Jamie Lowry was chosen by Clarke to succeed him as manager of the Schroder European Equity Alpha fund, whilst Martin Skanberg will take over the ISF EURO Equity fund.
Legg Mason US Equity:
Bill Miller, Legg Mason’s star manager of the group’s US Value Trust has appointed Sam Peters as his eventual successor on the fund, and Peters will become co-manager on the portfolio later this year as part of Miller’s long-term succession plan.
GAM Environmental Equity:
GAM has hired Paul Udall from Climate Change Capital to run an environmental equity fund, which is scheduled for launch later this year as a UCITS III offering and will focus on opportunities in energy, resources and materials. At Climate Change Capital, Udall was the manager of their global environmental opportunities long/short fund and was the group’s Managing Director, and prior to this he was a hedge fund manager for Tudor Investments.
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