Ignis said when Ashby joined in March it was always intended for him to become head of UK equity by the end of the year.
His first priority, however, was to lick the underperforming UK Equity Income Fund into shape, a process he has finished ahead of schedule.
Prior to Ashby’s hire, Ignis recruited Mark Holden as manager of the UK Focus Fund, and he has also been moulding his portfolio in recent months.
Mark Lovett, who originally joined Ignis in October 2010 as CIO for equities, has been standing in as head of UK equity until Ashby was ready.
Ashby was previously head of UK equity at LV= Asset Management where he looked after £1.3bn of assets until they were transferred to Threadneedle at the end of last year. Prior to this he held a similar role at Credit Suisse Asset Management.
Lovett said: "Over the last 18 months we have made significant progress in evolving and strengthening our UK Equity capability. Graham’s appointment will allow us to build on that strong foundation and deliver the ambitious plans we have for the future."
Read our analysis of Ashby’s appointment at Ignis and what he could bring to the table for the firm.
