Fund manager Ed Legget is to join Artemis to manage its £738m UK Growth fund following his departure from Standard Life Investments.
The star manager will replace Artemis’ Tim Steer on the UK Growth fund as he’s to “retire from the partnership” at the end of 2015.
Legget was managing Standard Life’s £1.3bn UK Equity Unconstrained fund which will now be taken over by previous manager Wes McCoy.
Tilney Bestinvest managing director Jason Hollands says: “If you are looking for an upcoming UK equity manager who invests across the whole of the market Legget would have definitely been someone on other companies’ radar because he has put some impressive performance figures in for Standard Life.
“There is no doubt it’d be disappointing news to Standard Life. However they do have a large a UK equity team there so this is not a disaster for them clearly, but obviously a good catch for Artemis.”
SLI said there will be no change to the management style and philosophy of the UK Equity Unconstrained fund after Legget’s move.
Legget’s departure comes less than a week after long-standing Standard Life chief executive David Nish announced he will be leaving the firm in August. Nish will be replaced by Standard Life Investment chief executive Keith Skeoch.