Another week and another chief investment officer stands down as the active manager of a unit trust....
Another week and another chief investment officer stands down as the active manager of a unit trust. If I were the author of our SmallBlue Planet column on the facing page, I would have a field day.
Katherine Garrett-Cox, who found herself named by London's Evening Standard as one of the most powerful women in the City not so long ago, has stepped down from running another Aberdeen trust that was originally under her stewardship.
Ms Garrett-Cox has had a meteoric rise to fame since her move from Hill Samuel to Aberdeen as a head of US equities, with a good track record and a well deserved reputation.
Aberdeen has sought to take advantage of this reputation by promoting first its US and then Global Champions funds under Garrett-Cox's management. It then promoted her to the role of CIO as another example of its developing investment process ' put one of your best people in charge of the whole in the hope it will drag the whole range up.
This elevation has gone full circle so that Aberdeen now realises the twin roles of being CIO and actively running retail money are too demanding.
Hence her two funds are now under the management of two of her equally capable colleagues.
The cynics would say you could see this coming. That is maybe a little unfair on Aberdeen but there is certainly a lesson to be learned from the whole episode, namely: how far can you stretch a fund manager before they begin to be spread too thin?
Thinking back a few years, the great Jim Cox at Schroders went off the boil when he was stretched across institutional pension fund clients and his retail unit and investment trusts.
Ms Garrett-Cox has been in a tough position for the variety of issues she has had to grapple with at Aberdeen and her standing down from these two funds is probably no bad thing, unless, as an IFA, you sold them to clients on the back of her previous records.
But advisers must be alive to the true range of their responsibilities, while fund managers and fund management groups must be more honest about the pressures on a manager's time.
Should you ever put client money into a fund run by a CIO? It has to be judged on a manager by manager basis, as the success Vivian Bazalgette is having at M&G proves, but it is certainly an issue to be concerned about.
Scope for change post-Brexit
To tackle liquidity issues
More than £100m in pipeline
DB data published last week
'Heavily influenced by Morningstar'