Derek Mitchell, director and member of the UK equities team at Isis Asset Management, has replaced P...
Derek Mitchell, director and member of the UK equities team at Isis Asset Management, has replaced Paul Galloway as manager of the £57m Ivory & Sime Isis Trust.
Galloway, director of UK specialist funds, will be leaving the group at the end of the month.
Jason Hollands, head of communications and strategy at Isis, said the change of manager is performance related.
Over three years to 10 February 2003, the trust is ranked 19 out of 27 in the UK Growth sector, returning -45.8% compared to the sector average of -31.9%, on a mid-to-mid basis.
Mitchell is a member of the High Performance UK equity team, headed by Mike Felton, and is Felton's deputy manager on the Isis UK Prime fund.
Mitchell is expected to concentrate the Ivory & Sime Trust down from the 75 stocks it currently holds, if the board approves the move, and make it more actively managed, in effect creating an investment trust version of the UK Prime fund.
Mitchell also runs a number of internal funds at Isis and the satellite portion of the Friends Provident Life fund, totalling about £1.2bn.
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