Standard Life Investments's Harry Nimmo has stepped back from the £391m Global Smaller Companies fund as co-manager Alan Rowsell assumes full responsibility for the vehicle.
In an update the asset manager said that the contribution of Mr Rowsell, who has co-managed the portfolio since its inception five years ago and now takes the role of sole manager, had been "integral to its success".
Mr Nimmo remains lead manager on the £1.2bn UK Smaller Companies fund and the £236 Standard Life UK Smaller Companies Trust.
As head of smaller companies he is also responsible for ensuring consistency of stock selection across the team.
According to FE Analytics Mr Rowsell's fund has returned 37.5 per cent over three years, compared with 37 per cent from its IA Global peer group.