Legget, who has been manager of the £1.3bn Standard Life Investments UK Unconstrained Fund since April 2008, will join Artemis as a partner in the firm.
Over one, three and five years, Legget’s fund is first quartile and, over five years has returned 145.7% compared to the 72% returned by the broader UK All Companies Sector. Over the same periods, Steer is also first quartile and has, over the last five years generated a return of 98%.
Mark Tyndall, Artemis senior partner, said of the changes: “[Tim’s] skill as a stockpicker has seen the Artemis UK Growth Fund produce excellent returns for its investors, and his forensic accounting techniques have been appreciated by our whole UK equity team… Ed’s record speaks for itself. We are sure that investors in the Artemis UK Growth Fund will agree with us that, in Ed, Tim has a very worthy successor.”
According to the group, while precise dates are yet to be determined, Legget will take over management of the fund after “an appropriate period of transition”.
