Steer will officially join the firm in June 2009 and following a short transition period he will replace current manager Adrian Paterson, who will move onto the group’s alpha trust working alongside John Dodd.
Earlier this month moneymarketing.co.uk revealed that Steer was to leave New Star upon 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 at the firm. The fund is currently third quartile in the IMA UK all-companies sector over three years having fallen 37.7 per cent compared to a sector average of 34.7 per cent.
Steer will also manage a UK hedge fund, with details of the vehicle set to be announced once he has joined the company.
Artemis CEO Mark Tyndall says: “I am delighted that Tim is joining us. His pragmatic and flexible approach to investing will provide benefits for clients as well as an additional intellectual input to the multi-cap team.”
Managing director Richard Turpin says: “It is especially rewarding that Tim will be joining us in June. His investment skills, enthusiasm and his ability to generate positive returns are very well known and we especially look forward to working with him.”