Bonham Carter, who has run the fund since 2000, is to be replaced by Patrick Harrington, who joined the firm from investment boutique OLIM on February 23, 2009. He will take on the fund at the end of the month.
Harrington has over 20 years investment experience, having run a number of UK portfolios in his time at Henderson and M&G.
It has been well documented that Bonham Carter would look to pass on management of the fund to an appropriate candidate .
Bonham Carter has a strong track record on the fund but the three-year figures show fourth-quartile returns in the IMA UK all-companies sector.
In July 2008. Bonham Carter went as far as to say that he would “sack himself” if performance continued to struggle in the next 12 months.
He says: “I feel I have found the right candidate with ideal experience in the market. It has been a great fund to manage but now was the right to pass the management on.”
OBSR has suspended its A rating on the fund following the announcement.
Hargreaves Lansdown investment manager Ben Yearsley says: “He always said that he would do this and has lived up to his word.”