Evershed’s six-year tenure at the firm ended last week, with management of the £66m fund passing to recent Allianz recruit Trevor Green.
Yearsley says: “Evershed’s departure will not raise many eyebrows as he had underperformed for a significant per-iod of time and, like Stephen Whittaker and Toby Thompson, was one of the managers who was under pressure at the firm.”
The select opportunities fund has had a difficult time in the past three years, having lost 31.9 per cent and sitting in the bottom quartile of the UK all-companies sector.
Green took on Thompson’s equity portion of the managed distribution fund in June.
Informed Choice director Martin Bamford says: “It is well known that New Star is enduring a tough time at the mom-ent and the firm is doing its utmost to ensure that its reputation does not take too heavy a knock. The question is when one fund managers leaves is it likely that more will follow?”
Chelsea Financial Services managing director Darius McDermott says: “There is no hint that Evershed was pushed and to be honest it is a shame as he had done well in the first couple of years following his move from Rathbones. We recommended the fund back then but what has happened the last three years has seen most investors move out following the drop in performance.”
Yearsley says: “New Star has a huge UK range and I would not be surprised if we saw some rationalisation in the future.”