Gartmore has replaced its US management team including veteran Gil Knight after a period of underperformance.
Gil Knight and Chris Baggini co-managed the onshore and offshore US Opportunities funds while Baggini ran the US Focus fund and Gary Haubold US Growth.
The trio of managers work for US-based NWD Investments and ran the funds on a sub-advisory basis. They will be replaced by Marsico Capital Management who are specialists in US large and multi-cap equities.
Gartmore has also announced it will merge the Gartmore US Focus fund into the Gartmore US Opportunities fund, subject to shareholder and regulatory approval, as it was too small to be viable. The US Opps fund will have a multi-cap mandate while the Growth fund will have a large cap bias.
The manager changes follow a comprehensive review of Gartmore’s US Equity platform. Marsico will take control of the Gartmore US Opportunities fund and the Gartmore US Growth fund from 29 June 2007 and the Gartmore SICAV US Opportunities fund, with effect from 31 August 2007 (subject to regulatory approval).
Paul Feeney, managing director and head of distribution for Gartmore Investment Management, says; “First and foremost our remit was to find the best quality manager to oversee our large and mid cap US funds which remain an important asset class within our stable of funds. In terms of performance track record and corporate fit, we believe Marsico are the obvious choice to oversee the interests of our clients.”
“For UK investors, this is a unique opportunity to be able to access Marsico’s expertise as this is the first time they have been available via a UK onshore product.”
The Marsico 21st Century fund has delivered strong cumulative growth of 71.3% over the last five years compared with the S&P 500 Index return of 16.2% over the same period.
To make any comments on this story contact:
Tel: 0207 034 2637
Email: [email protected]
Service increasingly key
Aiming to be' top three' UK financial planner
Lowest measure since index launched in 1995
Complaints into double figures
Despite lower median annual earnings