Alistair Currie, head of UK smaller companies at Edinburgh Fund Managers (EFM), has left the grou...
Alistair Currie, head of UK smaller companies at Edinburgh Fund Managers (EFM), has left the group following the announcement of 17 redundancies last week.
Edinburgh Fund Managers said the redundancies were the result of a strategic review of its business carried out earlier this year. Currie has been replaced as manager of the UK Smaller Companies investment trust by Gareth Rudd, his deputy on the desk. The Edinburgh UK Smaller Companies Oeic sub-fund is now being co-managed by Andrew Paisley and Peter Cockburn.
The Edinburgh Smaller Companies investment trust has posted a share price return of -60.9% over one year to 3 February, against a sector average return of -32.5%, ranking the trust 37 out of 38. Over three years, it posted growth of -82.7%, compared to a sector average return of -40.6%, ranking it 30 out of 32. Nigel Whittingham, business development director at EFM, said Currie's redundancy followed a decision to merge both the UK small cap and large cap teams, now headed by Robert Waugh.
Ian Beattie has also left the group after EFM decided to dispense with the role of deputy CIO. Management of the Edinburgh Worldwide Investment Trust and Global Equity Oeic, both formerly run by Beattie, has been passed to Andrew McMenigall. Alex Gowans, head of investment trust management, has also left the group.
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