10:29 Tue 12 Jan 2010
Montanaro UK small cap manager joins AXA Framlington
AXA Investment Managers has hired Montanaro UK Smaller Companies investment trust manager Dan Harlow.
Harlow will join the nine-strong UK equity team at AXA IM's qualitative funds arm - AXA Framlington - on 22 February, reporting to the division's global head, Mark Beveridge.
In his new capacity Harlow will work closely with Chris St. John on the AXA Framlington UK Smaller Companies fund.
He will also provide support to Brian Watson on the Framlington Innovative Growth Trust. Watson, who has run the trust for 15 years, is scheduled to leave the firm in the summer.
Commenting on the hire, Beveridge said: 'Dan Harlow is a greatly respected and successful small cap investor with both closed end and open end fund experience. His appointment is a strong indication of our commitment and intention to grow our UK smaller companies franchise within AXA Framlington's highly experienced UK Equities team.'
Harlow was a director at Montanaro and has run the £106 million Montanaro UK Smaller Companies trust since May 2006.
According to Wins, in the three years to the 8 January the trust's NAV has fallen by 12.1% versus a 19.1% decline in the peer group. Over the same period its share price has shed 20.7% versus a 31.5% decline in the benchmark.
The trust is currently trading at a discount of 21.2%.
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