Top performing small-cap manager Giles Hargreave has stepped down from his co-manager role on the £90m Marlborough UK Leading Companies, handing the mandate to Richard Hallett.
Hallett (pictured), who has co-managed the fund since August 2005, will take over sole responsibility for the portfolio.
A spokesperson for Marlborough said the reshuffle has been made in light of strong performance from Hallett, who has been managing the fund on a day-to-day basis for some time.
The fund is a top quartile performer in the IMA UK All Companies sector over five years, returning 82.6%, ahead of the sector average return of 51.4%, according to Morningstar.
"Formalising Hallett's role as manager rather than co-manager is a logical move and a recognition of his outstanding track record as a stockpicker as demonstrated by the strong long-term performance of the fund, which is first quartile over both three and five years," said the group.
"He will continue to work closely with Giles and the rest of the highly experienced investment team in running the fund."
The reshuffle will also free up more time for Hargreave to focus on his Marlborough Special Situations, UK Micro Cap Growth, and Multi Cap Income funds.
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