Ignis Asset Management has recruited LV= manager Graham Ashby to run its £90.6m equity income fund, replacing current manager Martin Brown.
Ashby will replace Martin Brown at the helm of the Ignis UK equity income fund next week. Brown is set to leave Ignis this year, although the firm would not confirm his departure date.
Last month, the portfolio was placed on Principal Investment Management’s ’Black List’ of consistent underperformers.
The most recent factsheet shows the fund as being fourth quartile over one and three years to January 31 and third quartile over five years. Recent performance is somewhat better, with the fund sitting first quartile over three months.
Ashby joins Ignis from LV=, where he was head of UK equities and ran the LV= Equity Income fund. Prior to this, he was head of UK retail equities at Credit Suisse Asset Management and head of equity income and UK equities at Sarasin Chiswell.
In August, LV= Asset Management finalised the deal to outsource the management of the firm’s £8.5bn of assets and transfer the existing external funds to Threadneedle.
Threadneedle announced that no LV= fund managers would be joining the business as a result of the deal in November.
Ignis chief investment officer for equities Mark Lovet says: “Ashby is a manager of the highest calibre and his appointment is indicative of our ongoing commitment to the Ignis UK equity offering.”