Merian Global Investors is handing the management of its two large-cap European equities funds to the global team headed by Ian Heslop.
Ian Ormiston, who had managed the funds since 2017, will continue to manage Merian’s European smaller companies fund.
The European Equity (ex UK) fund returned 12.7% over the past three years, underperforming the sector average of 30.1%, while European Equity fund returned 11.8%.
Citywire + rated Heslop’s Global Equity fund has returned 53.6% over the same period, beating the sector average by over 11%.
Heslop (pictured) said: ‘Using our adaptable approach we constantly assess market sentiment, flexing our portfolios in order to select the best investment ideas for every economic environment.
‘Despite caution towards European equities, we believe there are exciting outperformance opportunities to be found using our process. We look forward to adding value for investors.’
Merian has assets under management of nearly £30 billion. The firm was spun out of Old Mutual Global investors with the support of private equity firm TA Associates in June 2018.