Small-cap specialist Richard Staveley is leaving Majedie Asset Management.
Staveley joined the firm in 2013 from River and Mercantile to run the UK Smaller Companies fund within the firm's flagship UK Equity fund. At time of publication, Staveley's next move was not immediately clear.
While at River and Mercantile Staveley had outperformed the Numis Smaller Companies index and held a Citywire A-rating for his management of the company's UK Equity Income and UK Equity Smaller Companies funds.
Since he took over the UK Smaller Companies fund at Majedie, the fund has returned 1.81% since April 2014 to 31 December 2018, compared to a sector average of 38.6%, according to Citywire data.
The UK Smaller Companies fund sits within the Majedie UK Equity fund which has returned 19.16% compared to the sector average of 16.15% over the same period.
Upon Staveley's departure, the small-cap fund will be run by James de Uphaugh with support from Emily Barnard until a permanent replacement is found.
A spokesperson said: 'I can confirm that Richard Staveley, fund manager of the UK Smaller Companies Fund within our UK Equity strategy, has given notice of his intention to leave the firm. We have enjoyed working with Richard over the last six years and wish him well with his plans for the future.'
By Frank Talbot, head of investment research
'UK small cap has been an area where outperformance has been easy to come by in recent years, so anyone delivering under benchmark returns over that time frame will certainly have been under intense scrutiny.
Richard Staveley's long-term performance
'If the small-cap portion of the all-cap fund has been run in a similar vein then it has clearly been hiding what has otherwise been impressive returns from the rest of the team.'