Angus Tulloch will be retiring from the industry on 30 September after 29 years with Stewart Investors.
Tulloch will remain involved with the business as a non-executive director of a new global small cap investment trust it plans to launch later this year, the group confirmed in a note to clients.
Hargreaves Lansdown head of research Mark Dampier says he leaves his investors in “very capable hands” having handed over lead management responsibility for his global emerging markets and Asia Pacific funds in the first half of 2016.
The note reassures investors over a succession plan, which Stewart Investors says has been developed “over a number of years”.
Managing partner Stuart Paul says: “Everyone at Stewart Investors will be very sorry that Angus has decided to retire. We will all miss his boundless energy and enthusiasm for the world of investment.”
Tulloch joined Stewart Ivory in 1988 to establish an Asia Pacific (ex Japan) desk, which ultimately became Stewart Investors.
In 1992 that team set up a global emerging markets strategy, and in 1995 launched Scottish Oriental, an investment trust specialising in smaller Asian companies.
Paul adds: “He helped oversee the team’s development over the following decades, providing exceptional long-term returns for investors in the funds he and his team have managed.”
While Tulloch will be sorely missed, investors have faith in Stewart Investors’ succession plans.
FundCalibre managing director Darius McDermott says: “Angus’ retirement has been fairly well signposted with him handing over the lead management of a number of funds over the last few years.
“He has built a strong team at Stewart Investors and, while I am sure he will be missed, the funds are in very good hands.
“Managers like David Gait have done very well since taking on the funds and we are sure they will continue to do so. We wish Angus all the very best for the future.”
Dampier adds: “It’s never good news to see a great fund manager retire but Angus has over the years put a great team together so he leaves investors in highly capable hands.
“Asia and emerging markets were very new frontier type investing when Angus first started, now it would be most unusual not to see these regions in most investors portfolios. His influence and skills are not lost completely as he will be a non-executive of a new investment trust.”