Gartmore will reposition two of its funds to be managed by Leigh Himsworth, who takes up his role as head of UK equities on Monday.
Subject to Financial Services Authority and shareholder approval, Gartmore will make “small changes to the risk controls and portfolio concentrations of both the Gartmore UK Focus fund and the Gartmore UK Growth fund,” says Richard Pursglove, head of UK retail at Gartmore.
The Gartmore UK Focus fund will be renamed the Gartmore UK Alpha fund. It will become more diversified, as the stock range will be expanded from 25-40 to 40-65.
“The fund will run a more select portfolio, with a tendency to hold a greater proportion in mid-caps,” says Pursglove.
The Gartmore UK Growth fund will also become more diversified, with its stock concentration expanding from 40-60 to 60-80.
Himsworth, whose appointment was announced in July, is expected to have team management duties in addition to running the two funds.