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The Daley Update

Dresdner RCM Global Investors has appointed Lucy Macdonald as its new head of global equities. She joins from Baring Asset Management, where she was head of global media and telecoms. She had been with the firm for 16 years. In her new position, which she will take up on October 22, she will report to Dresdner&#39s chief investment officer Mark Phelps.

Gartmore has appointed Simon O&#39Donoghue and Mike Murray to its UK intermediary sales team. O&#39Donoghue joins form Invesco, where he worked for seven years, and will be responsible for sales in the Channel Islands, Dublin and the Isle of Man. Murray joins from Scottish Widows, having worked for Hill Samuel for almost 20 years, and will now be responsible for Gartmore intermediary sales in the North of England. Both will report to head of UK retail intermediaries Simon Goodge.

Global growth funds increased their exposure to North America over the six months to July 2001, according to new data from Lipper. Sixty-one per cent of global growth funds increased their exposure to the sector over the half year, while just 20 per cent reduced it. The shift in asset allocation appears to have paid off, with the biggest increases in exposure to the US, producing the top returns. Lighter exposure to UK markets also paid off, with the sector&#39s top-quartile funds holding around 5 per cent less in the UK than their peers.

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