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Horlick steps down to take adviser role

Nicola Horlick, the high-profile chief executive of SG Asset Management, is to step down from her role to become a special adviser to Philippe Collas, president of SGAM Group.

Horlick, who co-founded SGAM in 1997, is relinquishing all her UK responsibilities in the coming weeks, including the management of the UK income fund and institutional mandates totalling £1bn. Adrian Gosden, her co-manager on the income fund, which is down by 6.48 per cent against a sector average of -1.3 per cent since launch in 1999, is leaving to join Artemis.

The fund will be taken over by Malcolm Murray, who currently runs institutional money.

Horlick will be replaced as chief executive by executive chairman Keith Percy, with whom she co-founded the firm, along with chief investment officer John Richards, who will remain in the role. Percy was chief executive until Horlick took over last summer.

The co-founders&#39 initial target at SGAM&#39s launch was to achieve £5bn under management within five years, a mark surpassed within half that time. But only £1bn has been added since as the company has struggled against the bear market.

Horlick was involved in a public spat with St James&#39s Place Capital chairman Mark Weinberg, who dropped SGAM for poor investment performance.

Percy says: “We are extremely grateful to Nicola for the role that she has played in building the UK business. She has been instrumental in bringing together the team of people who will take it on to its next stage.”

David Aaron Partnership senior consultant Jason Bevan says: “Horlick is a loud voice in the industry so, from a marketing point of view, her loss is a blow to SGAM. But in terms of the fund, her departure is not so much of a problem.”

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