Steven Thompson, manager of the £239.6m Merrill Lynch UK Dynamic fund and head of the UK specialist ...
Steven Thompson, manager of the £239.6m Merrill Lynch UK Dynamic fund and head of the UK specialist equity team, has left the group.
His departure coincides with that of MLIM finance sector analysts Mark Wharrier and Richard Milliken and is understood to be voluntary.
It is believed Thompson, who also ran a UK long/short portfolio at Merrills, will be looking to either set up his own or join an existing hedge fund boutique, although he will be taking six months gardening leave before re-entering the industry. The loss is familiar territory for Merrills, as two years ago previous MLIM UK Dynamic managers Peter Davies and Stuart Roden left the group to join hedge fund boutique Lansdown in order to manage a UK long/short portfolio.
The AA rated Thompson, who joined MLIM in 1990, specialised in the management of specialist equity portfolios and took charge of UK Dynamic in January 2001, following Davies' departure. A MLIM spokesman said the unit trust will be run by Mark Lyttleton, who also runs the Merrill Lynch UK fund.
Luke Chappell, who managed the Merrill Lynch UK investment trust before the mandate was taken over by Invesco in January, will take over as head of the group's specialist team.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till