Artemis fund manager Alex Illingworth will join Harwood Capital Management as a partner on 4 September to launch a new global equity business.
The new strategy will be launched later this year, according to Harwood, with the manager in the process of hiring a team.
Illingworth has worked at Artemis for 12 years, having co-managed the £308m Artemis Global Select Fund and £449m Mid Wynd International Investment Trust alongside Simon Edelsten – who will retire at the end of the year. Illingworth has spent 25 years investing in global equities in total, having held fund manager roles at Mirabaud Asset Management, Insight Investment and Rothschild & Co.
See also: Artemis appoints GAM portfolio manager for Global Select Fund
According to data from FE Fundinfo, Artemis Global Select has achieved second-quartile total returns over five and 10 years of 45.2% and 166.8% respectively, compared to its average peer in the IA Global sector’s respective gains of 43.5% and 137.7%. Mid Wynd has achieved top-quartile total returns over the same time frames within its IT Global sector, at 45.3% and 212%.
Illingworth’s new business will be launched with fund management group Harwood Capital Management, which acts as an investment manager and adviser for several funds and trusts including Oryx International Growth Fund, Odyssean Investment Trust and Rockwood Strategic.
Illingworth said: “I am hugely excited to join Harwood to build this new element of the business. Harwood has an entrepreneurial culture, which I admire, and the business has amassed an amazing ecosystem of talented and experienced investors.”
Christopher Mills, founder, CEO and CIO of Harwood, said: “It is rare to get the chance to bring someone of Alex’s reputation and experience into the business.
“The global equity sector offers opportunities for good managers to generate outstanding long-term risk-adjusted returns for clients and I am confident that with the plans Alex has drawn up we can carve a strong presence in this competitive sector.”
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