Darrell O'Dea is stepping down as lead manager on Thread-needle's European Select Growth fund on 1 July to be replaced by his deputy Phil Cliff.
O'Dea, who has grown the fund from less than £20m to over £1bn since he took on its management in 1994, will remain on the fund as Cliff's deputy. He will continue to run the Crescendo European fund.
Cliff, who launched the firm's 30 stock Pan European Accelerando fund last summer, intends to run European Select Growth as a slightly more concentrated portfolio than it has been in recent months.
Currently the fund, which is benchmarked against the FTSE Europe ex UK index, holds around 70 stocks and is overweight construction, healthcare, tobacco and transport.
Cliff said while the type of stocks in the portfolio is unlikely to change under his management, he plans to reduce the number of holdings to about 60.
Like O'Dea, Cliff will have no restrictions in terms of weighting to countries or sectors and when it comes to individual stocks he will be able to hold 5% either over or below the index.
He added: "The real focus of the fun is to find the best stock ideas in Europe and to run it within the risk parameters."
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First mentioned in Cridland Report