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Harry Nimmo's team absorbs three funds in ASI restructure

Harry Nimmo's team absorbs three funds in ASI restructure

Aberdeen Standard Investments (ASI) is transferring three UK equity funds to Harry Nimmo's seven-strong UK small cap equity team. 

According to a client letter seen by Wealth Manager, the £87 million Aberdeen UK Smaller Companies Equity, £54 million European Smaller Companies Equity and £35 million UK Mid-Cap Equity fund will transfer on 5 December. 

The funds, which were run by an Aberdeen team led by Ben Ritchie, will transfer across on 5 December.

Citywire AA-rated Nimmo (pictured) will take on the Smaller Companies fund, while Andrew Paisley and Abby Glennie have been named lead managers on the European Smaller Companies and UK Mid-Cap funds respectively.  

ASI illustrated the combined performance of Nimmo's SLI Smaller Companies fund and Aberdeen Smaller Companies fund in the table below:  

A spokesperson for Aberdeen said there would be no departures following the transfer, with Ritchie continuing to serve as deputy head of European equities at ASI. 

The restructure follows last year's merger between Aberdeen Asset Management and Standard Life. It the letter the firm highlighted the headcount in its equity team had increased by 25% after the two teams came together.  

ASI said the funds would follow a very similar process - focused on fundamental company research - to the one employed by the current team. 

'The funds will be managed by a small-cap team that is highly regarded in the industry, focussing on high quality companies with attractive growth and momentum characteristics,' the letter read. 

'This process has been in place over 20 years and has delivered long term returns for clients. The bringing together of the two teams has significantly expanded our common research capability but does allow us to differentiate how that research is applied in practice.' 

ASI anticipates the transfer will cost between 0.7% and 1.4% per fund depending on market conditions. 

 

 

 

 

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Abby Glennie
Abby Glennie
27/166 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 33.58%
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16/54 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 41.47%
Ben Ritchie
Ben Ritchie
6/120 in Equity - Europe Excluding UK (Performance over 1 year) Average Total Return: 9.61%
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24/95 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 34.85%
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