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75% Of managers in their job less than four years

Seventy five per cent of fund managers have been in their jobs for no longer than four years, according to the UK fund industry review of 2005.

Fidelity’s Anthony Bolton is now the third-longest-serving fund manager on the list, running the special situations fund since launch in 1979.

Aberdeen’s Hugh Young has been running the company’s Far East funds for 17 years while Neil Woodford is the 13th-longest-serving fund manager, running Invesco’s high-income fund since 1988. Andy Brough has been running Schroders’ UK smaller com-panies fund for 15 years.

The UK’s longest-serving fund manager, Mellon’s Iain Stewart, has been running the Newton exempt pension fund for 34 years since 1971.

Michael Philips proprietor Michael Both says: “If a manager is any good, their employer will make them an offer they cannot refuse. This is certainly the case with Woodford and Bolton.

“I am sceptical of young fund managers who have been all over the place. Obviously, they made the tea at Schroders and remembered to bring the biscuits at Aberdeen but why not stay somewhere for a while?”

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