SVM UK small and mid cap manager David Stevenson is to leave the boutique by the end of year, taking with him colleague Andrew Kelly to set up their own firm.
The duo will team up with another, as yet unknown fund manager, but only once Stevenson has cut all ties with the firm for whom he has worked for the last 13 years.
SVM expects the manager the UK Opportunities fund to serve until the end of the year, overlapping with any successor.
Kelly, who headed up the firm’s UK Select 100 fund will leave earlier.
The Edinburgh boutique, headed up by managing director Colin McLean, has portrayed the departures as amicable and insisted its products were run on a team approach although it will be seeking replacements.
Mark Noble, head of retail sales and marketing, says: “SVM has always managed funds on behalf of its clients on a team approach with a nominated individual as the spokesperson for that fund.
“We have a team of talented stock pickers who will continue to drive our investment performance.
“We will be reallocating responsibilities within the team and will also seek additional analyst and fund manager resource to augment the existing team.“
Stevenson joined SVM in 1993 from Dunedin. As well as being the public face of the UK Opportunities fund, he was the official deputy manager of the UK100 Select fund and co-managed the SVM Saltire Fund, a UK small and mid cap equity long/short portfolio.
Kelly, a qualified actuary, worked in Standard Life’s investment division for four years as a UK equity analyst before joining SVM in 1996.
The duo were appointed to the SVM board in April 2003.IFAonline
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