Gil Knight is to be replaced by Marsico Capital Management as manager of Gartmore’s US opportunities and US growth funds.
Marsico is based in Denver and specialises in US large and multi cap equity mandates.
The deal is an exclusive tie-in with Gartmore in the UK and the first presence for Marsico in this country. It currently manages £46.7bn in America.
Marsico will also manage Gartmore’s SICAV US opportunities fund.
BestInvest head of communications Justin Modray says: “Knight’s performance on the fund has been poor for the last two years. The US is traditionally a very difficult sector for managers to excel in and Knight has been no exception. It is no surprise that Gartmore are looking to bring in fresh blood in an attempt to revive a flagging fund.”
Gartmore Investment Management head of distribution Paul Feeney says: “First and foremost our remit was to find the best quality manager to oversee our large and mid cap US funds which remain an important asset class within our stable of funds. In terms of performance track record and corporate fit we believe Marsico is the obvious choice to oversee the interests of our clients.”