Richard Watts, the deputy manager of the Old Mutual UK Select Mid Cap fund since July 2006, will reduce the portfolio’s holdings when he takes over as lead manager in January.
As reported in Fund Strategy (May 5), Ashton Bradbury is stepping down as manager of the fund after becoming head of equities at the Old Mutual Asset Management. He will continue to be involved in the top-down strategy of the fund, however, as part of his new role.
When Watts takes over the fund he expects to reduce the number of holdings from 80 to between 65 and 75. He says a more concentrated portfolio suits his management style.