Standard Life Investments UK equity manager Ed Legget, who manages the £1.3bn UK Equity Unconstrained fund, is exiting the firm.
Legget is leaving the firm to “pursue other opportunities”, SLI said. He has managed the fund since 2008.
Wes McCoy, investment director in the UK equities team, will assume management of the fund with immediate effect.
The UK Equity Unconstrained fund has outperformed the UK All Companies benchmark over all recent time periods, returning 157.34 per cent over five years compared to 78.30 per cent for the benchmark, according to FE. Over one year it delivered 11.80 per cent, compared to 10.32 per cent for the UK All Companies.
A spokesperson from SLI says: “Ed was part of our highly successful UK equities team and we would like to wish him well and thank him for his positive contribution to the UK equities team, and the business, over the past 13 years.
“There will be no change to the management style, philosophy or process. Continuity of investment performance and commitment to relationship management remain our key priorities. Wes will be supported by the UK equities team which comprises 15 investment professionals.”
The Adviser Centre has removed the UK Equity Unconstrained fund from its recommended list following the manager change, says Gill Hutchison, head of investment research at City Financial.