Tim Russell has been replaced as lead manager of the HSBC Household Names fund by Bob Morris, former...
Tim Russell has been replaced as lead manager of the HSBC Household Names fund by Bob Morris, former deputy head of UK equities at Sun Life of Canada.
Russell has managed the £124.73m fund since previous manager Peter Harnett left to a run a hedge fund in December 2000. Under Russell's guidance, the fund was awarded an AA rating from Standard & Poor's, which has now placed it under review.
Morris joined HSBC in September 2001 and helped co-manage for a period before taking over full responsibility.
Household Names has similar objectives to Russell's principal fund, Growth & Income, aiming to outperform the All-Share by 1.5% a year. But, as a Cat-standard fund, it is aimed at clients of HSBC's bank branch network rather than via the intermediary distribution channel.
Mike Smith, head of professional adviser services at HSBC, said: 'Tim was never really meant to be the manager on this fund but took it on in a caretaker capacity after Peter left because, given the nature of his fund, it was a decision that made sense.
'It was always our intention to recruit a high quality manager to replace him and that process took some time. Household Names is geared more towards capital growth than Growth & Income, which is more total-return focused, and this is reflected in the yields available on the different funds.'
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