Dresdner RCM has lost its head of UK and European Equities, Stuart Fowler, to Axa Investment Managem...
Dresdner RCM has lost its head of UK and European Equities, Stuart Fowler, to Axa Investment Management.
Fowler, who joined Dresdner some seven years ago, will take over the position currently held by Roy Gillson at Axa in September.
Gillson has been filling the role of head of UK equities as well as chief investment officer. That role is now being split into two, with Gillson remaining as chief investment officer.
Fowler, who was not lead manager on any specific unit trusts, was a key figure behind the strong performance of the group's UK and European performance. Its UK Growth, UK Income and UK Mid-Cap funds each have frAA ratings while its European fund also has frAA status.
Ian Vose, head of research at Dresdner, will manage the UK team, as well as retaining his title as head of research. Dresdner will decide at a later date whether it is necessary to appoint a new head of UK equities, and is considering whether there will be another appointment to the UK team.
Dresdner has also decided Bill Price, head of global equities, will take over from Bill Stack in the equity part of the chief investment role. Stack has taken a year out to spend time with his family.
In other recent changes at Dresdner, Andrew Impey, UK smaller companies fund manager, and Tony Parker, European fund manager, departed last month to join Gregory Beeson.
Earlier this year its head of UK sales Nick Hodgson departed to join Rothschild.
Impey managed the £57m Dresdner RCM Smaller Companies UK investment trust and the £195m UK Smaller Companies unit trust. Tony Parker was fund manager of the £112m European and £195m European Smaller Companies unit trusts. Dresdner is now actively recruiting for replacements.
The Axa UK equity team of seven people manages £23.5bn funds in the UK, compared to around £4bn UK assets at Dresdner.
Among Axa's retail funds are the Axa Sun Life UK Growth portfolio, worth £397m, which is ranked 114 out of 265 funds offer to bid in the UK All Companies sector over one year and 91 out of 283 funds over one year.
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