Fund house Baillie Gifford has halved fees on one of its funds as senior partner Charles Plowden announces his retirement from the firm.
The asset manager announced today (May 7) Mr Plowden, joint senior partner, would retire from Baillie Gifford in April 2021 after nearly four decades at the firm.
Malcolm MacColl, who co-manages the Monks Investment Trust alongside Mr Plowden, will replace him.
The firm is also cutting fees on its Worldwide Global Income Growth fund, run by a different global equity team.
Andrew Telfer, fellow senior partner, said of the retirement: “Mr Plowden joined Baillie Gifford 37 years ago and has been at the heart of the firm’s growth, notably in the UK equities team, the Global Alpha Strategy and as a leader of the whole investment department.
“This is a remarkable achievement in today’s age. Most importantly, during this period, he has generated excellent investment returns for clients.”
Mr Telfer said Baillie Gifford had announced Mr Plowden’s retirement a year in advance to ensure a considerable period of transition before Mr MacColl took up his new governance role.
Mr Plowden joined the fund house in 1983, working as an investment manager in the UK equities team for more than 20 years. From 2005, he has worked in the Global Alpha strategy and has been joint senior partner in 2006.
He said: “By next April I will have reached my 60th birthday and spent almost 38 years at Baillie Gifford, 15 of them as senior partner.
“While I have enjoyed every minute, it is time for me to move aside and allow others to step up. I am immensely proud of Baillie Gifford and have every confidence that the firm will continue to add significant value for its clients and build on its distinctive culture.”
Mr Plowden will continue managing the Global Alpha strategy, the Global Alpha Growth fund and the Monks trust until April 30 2021, after which Spencer Adair will step up to become the lead manager of Monks.
Mr MacColl will continue as both manager of the Global Alpha Strategy and deputy manager of Monks.
Meanwhile the firm has lowered the management fee on the Baillie Gifford Worldwide Global Income Growth fund, cutting the charge from 0.57 per cent to 0.285 per cent.
The fee for the fund is now discounted for three years, and will expire on April 30, 2023.
Other staff changes include Helen Xiong joining Baillie Gifford’s Global Alpha strategy at the end of May this year, while Dave Bujnowski, who is a senior analyst in the US Equity team, will replace Ms Xiong as one of the four managers on the Baillie Gifford American fund.
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