Aberdeen Standard Investments has finalised the integration of its equity teams eight months after the merger between Standard Life and Aberdeen Asset Management last year, sending more managers out the door, including big names on the UK and global equity teams, Karen McKellar and Kevin Troup (pictured).
In a memo sent to clients and seen by Portfolio Adviser, the asset manager said “following a very successful career” McKellar had decided to retire from the firm.
Shortly after, news broke that the firm’s Global Equity Income manager Troup would also be retiring from fund management.
McKellar, previously Robertson, joined the asset manager as an equity analyst in 1990 after graduating from Strathclyde University. Five years later, she launched the UK Equity High Income fund, now £642m, followed by the TM UK Equity General fund in 2000, which currently sits at £1.1bn.
Troup, meanwhile, joined SLI in 2010, from Martin Currie Investments, becoming a director in the global equity team.
McKellar’s TM UK Equity General fund has delivered mixed performance, ranging from second quartile over one-year to fourth quartile over three and five years. Her UK Equity High Income ranks first, third and second quartile over one, three and five years but has over three months failed to beat the IA UK Equity Income sector’s returns of -4.6%, instead losing investors 5.3% over that period.
The Global Equity Income fund run by Troup has been consistently third quartile on a one, three and five-year view but has fallen to fourth quartile over six months, returning -6.6% against the IA Global Equity Income sector’s -4.6%.
Commenting on McKellar’s decision to step down, the asset manager said: “We thank her for her enormous contribution to the team over many years and wish her well in her future endeavours.”
Equities overhaul
The memo to retail investors also mentioned UK equity managers Henry Flockhart, who ran the SLI UK Equity High Alpha fund, and Adam McInally had also left.
The UK equities team, led by head and deputy head of UK equities, Andrew Millington and Lesley Duncan, now stands at 15 investment professionals.
Iain Pyle, who manages the UK Equity Growth fund, will take over McKellar’s UK Equity High Income fund with immediate effect, while Frederik Nassauer will look after Flockhart’s former fund. Millington will take over the management of the UK Equity Growth fund.
On the global equities side, Ross Mathison and Jamie Ramos Martin have also left. Mathison worked alongside Troup as deputy manager on the Global Equity Income fund, while Ramos Martin managed the North American fund.
They have been replaced by Dominic Byrne, deputy head of global equities, and Donald Reynolds, senior vice-president for global equity.
ASI also announced that Joanna McIntyre, Tony Hood and Euan Sanderson would be joining the global equity team from the regional equity teams.
Devan Kaloo will remain the head of global equities.
