Artemis Investment Management has shelved a fund planned for Tim Steer after the manager won two mandates with Skandia Investment Group.
The asset manager was eyeing the launch of the Artemis UK Absolute Growth fund for Steer, who runs the £242.4m Artemis UK Growth fund, but has decided not to go ahead.
In January, Steer was given a £38m mandate within the Skandia Global Best Ideas fund and a £24m mandate in the Skandia UK Best Ideas fund.
Artemis says these responsibilities are “keeping [Steer] busy” and are the main reasons for turning away from the new fund.
A spokesperson for Artemis says the mooted fund did not progress beyond the exploration stage before being shelved, adding: “Most groups have three, four, five or six funds that they’re incubating and if the numbers are good they’ll take it off the shelf and manage it.”
Artemis’ incubation process went as far as the asset manager entering the fund onto the FSA’s collective investment scheme register on November 11 last year.
The spokesperson adds the fund will not be launched within the next 12 months and has, for all intents and purposes, been “shelved completely”.
Steer has managed the Artemis UK Growth fund, which has outperformed its benchmark and peer group average over one and three years, since joining the company in mid 2009.
He also took over the Cayman-incorporated Artemis UK hedge fund, which has attracted assets under management of just £68.2m since being launched seven years ago, in September 2009.