Investments  

Investment companies see 18% manager churn: AIC

Investment companies see 18% manager churn: AIC

Investment companies have experienced some churn in the past 18 months, with 18 per cent of them appointing a new fund manager in this period.

Association of Investment Company figures showed that 45 per cent of AIC members with a history of 10 years or longer had the same fund manager at the helm for at least a decade.

But the figures also revealed that 18 per cent of investment trusts had appointed a new manager over the past year and a half.

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In July 2014 Paul Niven took over at the Foreign and Colonial Investment Trust, and Hee Wee-Li started managing the Scottish Oriental Smaller Companies Trust.

In April 2014 Dale Nicholls began managing Fidelity China Special Situations, while in January 2014 Mark Barnett started managing the Edinburgh Investment Trust.

Ian Sayers, AIC chief executive, said the high number of changes was partly coincidence, with some managers having retired and others moving to new roles.

Mr Sayers added: “It also reflects independent boards addressing long-term performance issues.”

Investment companyFund manager appointed in 2014
Foreign and Colonial Investment TrustPaul Niven
Scottish Oriental Smaller Companies TrustHee Wee-Li
Fidelity China Special SituationsDale Nicholls
Edinburgh Investment TrustMark Barnett

Source: AIC