Findlay Park co-founder Charles Park has stepped back from his fund management responsibilities but will remain as a partner at the firm.
Mr Park has stepped back from his role as co-manager of the boutique’s American fund but will remain as an adviser to the asset manager’s investment committee.
A note from James Findlay, the firm’s other co-founder and chief investment officer, noted that Mr Park would retain his large investment in the fund, which had some $8.8bn (£6.1bn) in assets under management in late March.
Mr Findlay also reassured investors that a “smooth transition” of responsibilities would take place.
“We have planned carefully,” he said. “Two senior members of our investment team, Chris Fidyk and Chris Watts, have been co-covering Charlie’s stocks with him since 2009 and 2014 respectively.
“As you are aware we have steadily expanded the investment team responsible for the American fund to nine people, averaging over 20 years’ investment experience. Anthony Kingsley continues to co-manage the investment team with me.”
Mr Findlay, who added he has “no plans to retire”, said last month the firm has put more thought into its succession planning.
According to FE Analytics, the soft-closed fund has returned 59.9 per cent over five years compared with 39.8 per cent from its peer group.
Over a three-year period, the fund has delivered 33.8 per cent, against 23.8 per cent from its peer group.
