Multi-managers sell out of Hermes fund

Mr Anstey’s departure was announced last week, as reported online by Investment Adviser, and he is expected to join institutional investment firm Marathon Asset Management.

Multi-managers and discretionary managers have been strong backers of the £405.7m US SMID Equity fund, which invests in small- and medium-sized US-listed companies, since its launch into the wider wholesale market in September 2012.

But multi-manager teams at both Aberdeen and Aviva Investors have pulled out following Mr Anstey’s departure.

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Ian Aylward, head of manager research at Aviva Investors, said: “We like Robert Anstey and the fund, but Robert was the architect.

“It was a pretty straightforward decision to sell.”

He added that the move was “disappointing” as the Aviva Investors team had just increased its weighting towards the fund after selling out of Findlay Park’s US equity product.

Scott Spencer, senior portfolio manager at Aberdeen, said he had also sold out following Mr Anstey’s exit.

“The Hermes fund ticked a lot of boxes for people looking for good US equity funds,” he said.

“It’s a shame he decided to leave but we were looking to reduce our US equity allocation anyway.”