Steer to take over UK Growth at Artemis

Tim Steer will run a long-only fund as well as a hedge fund when he joins Artemis from New Star later this year.

He will take over the management of the £276m Artemis UK Growth fund from Adrian Paterson at the end of June. Steer will be supported on the multi-asset team by Stephen Yiu, who also joins from New Star.

Paterson will co-manage the £60m Artemis Alpha Trust alongside John Dodd.

Steer ran the £170m UK Alpha fund at New Star along with the UK Gemini Hedge fund. He will run a British equity hedge product for Artemis although details have not yet been finalised.

Artemis UK Growth has struggled to perform under Paterson’s tenure. Over the three years to March 19 it fell 35.8%. The average fund in the UK All Companies peer group fell 31.5% and the FTSE All-Share fell 29.7% over the same period, according to Financial Express.