Gary West, co-manager of the £676m JP Morgan Premier Equity Income fund, has left the group. West...
Gary West, co-manager of the £676m JP Morgan Premier Equity Income fund, has left the group.
West also managed more than £1bn in other assets at Flemings, including its Balanced fund and the Fleming Claverhouse Investment Trust.
James Inglis-Jones, West's joint manager on Premier Equity Income, has taken over full responsibility for the portfolio as well as the group's Balanced fund. The Fleming Claverhouse Investment trust will now be run by James Illsley who has worked alongside West on the trust since early 2000.
Hargeaves Lansdown investment manager Ben Yearsley said: 'Both Inglis-Jones and Illsley have worked alongside West for some time now, sharing stock ideas and investment strategies.
'This suggests to us that West's departure should not have a detrimental impact on the future potential of the funds. We therefore believe investors should sit tight and see how the managers get on without their colleague.'
The JPMF Premier Equity Income fund is ranked 70 of 87 funds in the 12 months to 5 August with offer to bid losses of 25.7% after charges compared to a sector average of 23.3%, according to Standard & Poor's.
Over the three years to the same date the fund fared better against its peers with losses of 26.5% compared to a sector average of -19.8% earning it a ranking of 59 out of 80 funds.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created