Veteran UK equity income investor Bill Mott is set to retire from fund management at the end of 2014.
Mr Mott had built up his reputation running equity income funds at Credit Suisse, before leaving the firm after 30 years in 2007.
He has been running the Psigma Income fund since its launch in April 2007, first at Psigma Asset Management and then when the firm was acquired by Miton Group.
But the fund struggled and is in the bottom quartile for performance in the UK Equity Income sector in one, three and five years.
Eric Moore and Gervais Williams, both currently co-managers on the fund with Mr Mott, will take on the responsibility for the fund when Mr Mott retires.
Mr Moore will be the lead manager, responsible for the day-to-day management of the fund and with implementing its macroeconomic, multi-year themes, while Mr Williams will continue to pick small and mid cap stocks for the portfolio.
Miton said that there would be no change to the way the fund was run.
Hargreaves Lansdown said it had removed the fund from its Wealth 150 list of recommended funds following the announcement.
It said there was likely to be little change in the way the fund is run under Mr Moore and Mr Williams but stressed it was Mr Mott’s “astute ability to identify long-term themes and his experience in calling the direction of the wider economy that made this fund an attractive proposition”.
