Merrill Lynch Investment Managers has appointed UK specialist team head Steve Thompson as the new manager of its UK Dynamic fund.
It follows last week's sudden departure of the fund's lead manager Peter Davies to hedge fund firm Lansdowne Partners. He had managed the £31m fund since launch three mon-ths ago. The fund is a mirror of MLIM's OST UK fund, also managed by Davies, and was at the centre of MLIM's 2000/01 Isa season campaign. Both funds had Standard & Poor's AAA ratings.
Thompson has been at the firm for 10 years, and has managed the £153m MLIM UK investment trust since last year.
Institutional fund manager David Urch, who has been with MLIM since 1996, will take charge of the OST UK fund.
Head of retail sales Julian Ide says “These appointments provide continuity across two of MLIM's most important funds. We have always emphasised our team approach and Steve and David have played a key role in building the specialist team's track record.”