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Artemis stalks down Steer

Artemis lived up to its billing as the ‘profit hunter’ this week with the announcement that it is poaching New Star’s UK alpha fund manager Tim Steer.

Steer will continue to run New Stars UK alpha and hedge fund Gemini until April when the £115m Henderson takeover is expected to conclude.

On arrival at Artemis he will join the multi-cap team and will look to develop the hedge fund side of the business. He is also looking to run a similar product to the £178m UK alpha fund as well as possibly launching an absolute return offering and will be joined by current assistant fund manager Stephen Yiu.

Commenting on the move Steer said: “This is a big opportunity for me. Artemis has great ambition and I just like the way the business is run. It just felt like the right time with the New Star story coming to an end.”
Adviser response to Steer’s move has been positive with many confident that Artemis’ boutique culture would be a good fit for the manager.

Hargreaves Lansdown investment manager Ben Yearsley says: “It is a good move for him and it bolsters Artemis’ UK team every further. It is a blow for Henderson but you’re not going to get every manager, he obviously wants to work in a smaller boutique culture and that’s what you’ve got with Artemis. He’s a good manager, he’ll prosper wherever he goes and he’ll fit in quite nicely with the Artemis philosophy.”

Henderson says Steer’s move doesn’t effect the benefits and value of its deal with New Star but his departure will undoubtedly be disappointing given his strong investment track record.

Chelsea Financial Services managing director Darius McDermott says the news is a blow for New Star/Henderson but he didn’t anticipate a mass exodus of talent from the firm.
He says: “It’s not a surprise that managers are talking to other firms given the uncertainty there has been at New Star but just because one manager has left doesn’t mean others necessarily will. I imagine they’ll take their own individual offers if asked to stay on their own merits.”

In other investment news this week, Insight Investment managing director Abdallah Nauphal was appointed to simultaneously head up the Scottish Widows Investment Partnership business alongside his current executive role.
SWIP could not offer any further detail on the future plans for the two asset management businesses but confirmed MD Dean Buckley will continue in his role, reporting to Nauphal.

A Lloyds Banking group spokesman says: “Our two asset management businesses have complementary strengths and overlapping functions. A single leader will allow us to better combine them to serve customer needs.”

Details about a potential consolidation of the two fund management businesses remain unconfirmed but industry experts say significant merging of funds are inevitable in the event of a tie up.

Both have large fixed interest divisions and strong multi-manager offerings and Insight is well known for its liability-driven investment business which has been backed by Nauphal for a number of years.

McDermott said: “He’s an Insight man so in a merged business you would expect the majority of Insight people to dominate top jobs.”

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