Gervais Williams, head of UK smaller companies at Gartmore, has left the firm, to be replaced by Adam McConkey.
Williams ran the Gartmore fledgling, growth opportunities and Irish growth investment trusts, as well as the Gartmore UK & Irish smaller companies Oeic.
However, according to Trustnet he has underperformed the peer group on a composite basis over one, three, five and 10 years.
Hargreaves Lansdown recently recommended investors sell out of the UK & Irish smaller companies fund due to a recent deterioration in its returns, partly because it has tended to sell shares in smaller businesses when they
reach medium size.
Chelsea Financial Services managing director Darius McDermott says: “Whereas Gartmore has had a particularly unfortunate run of news lately, on this occasion I do not think this was a big disappointment as the Smaller Companies fund has been a consistent underperformer over one, three and five years.”
Meanwhile, Gartmore has hired a former New Star general counsel to replace Bill McGowan, who is leaving the firm.
As general counsel, Jonathan Bloom will oversee the company’s legal and secretarial functions after the departure of current general counsel McGowan, who is departing to pursue undisclosed opportunities.
Bloom will join as the firm seeks to wrap up legal investigations into the conduct of Guillaume Rambourg, a key Gartmore shareholder and manager on its European team who has since resigned from the company.