Tim Steer is to take on the management of the Artemis £293m UK growth fund.
Steer will officially join the firm in June and following a short transition period he will replace current manager Adrian Paterson, who will move on to the alpha trust alongside John Dodd.
Earlier this month Moneymarketing.co.uk revealed Steer was to leave New Star on completion of the proposed merger with Henderson to join the Artemis multi-cap investment team with his colleague Stephen Yiu.
The UK growth fund will be Steer’s primary responsibility. The fund is third-quartile in the IMA UK all companies sector over three years, having fallen by 37.7 per cent compared with a sector average of 34.7 per cent. Steer will also manage a UK hedge fund, with details to be announced once he has joined the company.
Steer has managed the £213.4m UK alpha fund at New Star since launch in 2001 as well as the £159.6m Gemini fund.
He describes the move to Artemis as a “big opportunity” as the New Star story was “coming to an end”.
Artemis CEO Mark Tyndall says: “Tim’s pragmatic and flex- ible approach to investing will provide benefits for clients as well as an additional intellectual input to the multi-cap team.”
Chelsea Financial Services managing director Darius McDermott says: “It is well known that Tim Steer is an excellent manager and was always going either to launch or take over a retail fund at Artemis. People may say that Adrian Paterson has struggled but his on- year figures are actually quite strong.”