Fund manager James Sullivan is to leave Miton Group in the new year to take a break from the industry.
Sullivan has spent 12 years with the group, and worked with Martin Gray on the firm’s multi-manager range, including the £856m CF Miton Special Situations fund.
Miton head of sales and marketing Ian Chimes says it is too early to talk about a replacement, with no substitution in place.
Chimes says: “We are obviously disappointed but we wish him well. He just told us it was time to take a break. But it is not a cost cutting angle and there is no plan yet to bring in a replacement.”
Last month investment manager Neil Cumming and research analyst David Hallam left the firm, with managing director Gervais Williams become co-manager of the £360m Psigma Income fund. Miton acquired Psigma Asset Management in July in a deal worth up to £13m.
EA Financial Solutions managing director Minesh Patel says: “This is one of the fragilities of active fund management, fund managers are under massive pressure to produce returns.
“It is a case of waiting to see what happens now with a successor, and what happens to the fund.”