Fund manager Ed Legget is joining Artemis to manage its £738m UK Growth fund following his departure from Standard Life Investments, announced today.
Legget will replace Artemis’ Tim Steer on the UK Growth fund as Steer “retires from the partnership” at the end of 2015.
Legget was managing Standard Life’s £1.3bn UK Equity Unconstrained fund, which will now be taken over by previous manager Wes McCoy.
Tilney Bestinvest managing director Jason Hollands says: “If you are looking for an upcoming UK equity manager who invests across the whole of the market [Legget] would have definitely been someone on other companies’ radar because he has put some impressive performance figures in Standard Life.
He adds: “There is no doubt it’d be disappointing news to Standard Life as in Ed Legget and Thomas Moore the firm has been fortunate to have had two of the industry’s rising stars for UK equity in their midst. Ed Legget’s numbers have been outstanding and he has also contributed more widely to ideas and debate within the team, like other managers there who also have research responsibilities within the team.”
However, Hollands believes the manager’s move is not “a disaster” for SLI, “so there is certainly no need to knee jerk sell the fund on the back of this news”, he says .
SLI said there will be no change to the management style and philosophy of the UK Equity Unconstrained fund.
Architas chief investment officer Caspar Rock, believes SLI’s fund is “the purest expression of the Standard Life investment approach”.
He says: “We have held this fund across our portfolios for a number of years, having first invested with Wes McCoy when he was running the fund. The most important issue for us is that the fund will not be moving from its ‘focus on change’ philosophy and will continue to draw from Standard Life’s ‘winners list’.”