Artemis has hired Standard Life Investments’ Ed Legget to replace Tim Steer, who is set to retire at the end of 2015.
Mr Steer will become the first Artemis partner to retire after the ‘lock-in’ period, which key staff were committed to when the firm was bought out in 2010, expired earlier this year.
Artemis said Mr Steer would hand over management of his £737m Artemis UK Growth fund to Mr Legget, who will join the firm later this year, “after an appropriate period of transition”.
Mr Steer joined Artemis in 2009 following stints at Merrill Lynch, HSBC and New Star.
Mr Steer took on the Artemis UK Growth fund in July 2009 and under his tenure it has delivered a return of 142.9 per cent, compared to the IA UK All Companies average return of 116.5 per cent.
However, in the same period, Mr Legget has delivered a return of 283.6 per cent on his £1.3bn SLI UK Equity Unconstrained fund, according to data from FE Analytics.