Murray Johnstone has lost its small cap team of three fund managers, including its star fund manager...
Murray Johnstone has lost its small cap team of three fund managers, including its star fund manager John Johnston, to LeggMason Investors, writes Jenne Mannion.
Johnston, head of Glasgow-based Murray Johnstone's UK small cap team, is joined by team members Andy Gray and Billy Preston.
LeggMason is setting up a Glasgow office where it will base the team. The move is a blow for Murray Johnstone, which is up for sale for around £100m, as Johnston was considered one of its key assets. Murray Johnstone is owned by United Asset Management in the US, which is being bought by Old Mutual. At Murray Johnstone, Johnston was manager of the Murray Enterprise and Murray TMT trusts, which have both substantially outperformed their peer group.
Lindsay Firth-McGuckin, marketing director at LeggMason, said that despite recruiting this team, it has no firm plans to launch a new product. She said: "We have not decided what we are going to do yet. We do have a gap in the UK small cap area but we have not thought about whether it would be an investment trust or unit trust.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress