Charlie Park, co-founder of US boutique asset manager Findlay Park, is stepping down from fund management but will remain partner at the firm.
Park, who was also deputy chief investment officer, will be appointed as an adviser to the firm’s investment committee and will retain his “large” investment in the £7bn American Fund, which he has managed since launch in 1988.
Since then, the group’s investment team grew to nine staff. The fund has been soft closed since 2000, the firm said.
The firm says there won’t be any direct replacement for Park as deputy chief investment officer but his responsibility will be shared within the team.
Findlay Park chief investment officer James Findlay says: “We have planned carefully to ensure the smooth transition of Charlie’s responsibilities. Two senior members of our investment team, Chris Fidyk and Chris Watts, have been co-covering Charlie’s stocks with him since 2009 and 2014 respectively.”
Anthony Kingsley, who has been a partner of the firm since 2002, will also continue to co-manage the investment team.
Findlay says he is “totally focused” on investments and has no plans to retire.
He says: “I have every confidence in the team’s ability to deliver strong performance for clients in the years ahead.”