The joint venture between Artemis and Close Finsbury to manage four investment trusts has been broken up, with star fund manager Nick Train picking up the £94m Finsbury growth trust.
Artemis CEO Mark Tyn dall is relinquishing management of the trust. The £59.3m Finsbury smaller quoted companies trust, which was managed by Artemis's John Dodd, moves to fund manager Richard Power, who joins Close in the new year.
Artemis retains sole management of the Finsbury trust managed by Dodd and the Finsbury income and growth investment trust managed by Tyndall.
Tyndall says the joint venture has been under pressure to re-evaluate the management of the trusts because investors have been concerned about a conflict of interest as the Artemis unit trust business has grown.
Train, formerly of M&G, last week got approval for his own boutique fund management business, Lindsell Train, run jointly with Mike Lindsell.
Tyndall says: “We gave the Close Finsbury board a free reign in finding an investment manager while we continued running the income and growth investment trusts. We want to focus on our open-ended business and decided Close should buy us out. We preach focus and recognise it is just as important for our own business.”
IFAs have welcomed Train's appointment to the trust.
Chase de Vere savings and investment manager Anna Bowes says: “Nick did good things with M&G. He should get results if he settles down alright.”