Longest serving managers

While the phrase ‘been there, done that’ might suggest a breezy tone of overfamiliarity to some, when it comes to choosing investments, some investors might actively look for a fund manager who’s ‘seen it all’ and been at the helm of their investment company through the good times and the bad.

As the UK continues to navigate its way through Brexit, investment company investors might be reassured to know that half (50%) of AIC member investment companies have had at least one manager in place for 10 years or more. Almost a quarter (23%) of member companies have had at least one of their managers for 20 years or more.

Commenting on this latest data, Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC) said: “When it comes to investing for the long term, investment companies are an ideal vehicle for investors to consider. Their closed-ended structure means managers don’t have to worry about inflows and outflows of investors’ money, and can take a long-term view of their portfolio. As a result, it’s perhaps unsurprising that investment company managers are in it for the long haul! Nonetheless with the uncertainty surrounding Brexit, it’s really encouraging to see that half of investment companies have the benefit of the same manager, who will have weathered the good times and the bad.”

Longest serving managers

Topping the list as the investment company industry’s longest serving manager is Peter Spiller, manager of Capital Gearing for the past 36 years. Close behind is Simon Knott, who has managed Rights & Issues for 34 years, while Angela Lascelles and Matthew Oakeshott are the third longest serving managers, having both managed Value & Income for almost 32 years.

Hugh Young has managed Aberdeen New Dawn for 29 years, while James Henderson has managed Lowland for 28 years. Tim Levett and Alastair Conn have also managed Northern Investors Company for 28 years, although the company is currently in the process of realising its assets. Richard Newbery and Alistair Whyte have both managed Aberforth Smaller Companies for the last 27 years. Coming up to his 27th year of managing the City of London Investment Trust is Job Curtis. City of London has consecutively increased its dividend every year for the past 51 years with Job at the helm for over half of this time.

In fact, 12 out of 20 dividend heroes – those companies that have consecutively increased their dividend each year – have had the same manager for at least 10 years. In addition to Value & Income and City of London, they are: British & American (Jonathan Woolf has been fund manager for the past 22 years), F&C Capital & Income (Julian Cane, 21 years), Scottish Mortgage (James Anderson, 18 years), Temple Bar (Alastair Mundy, 15 years), Bankers (Alex Crooke, almost 15 years), Brunner (Lucy MacDonald, almost 13 years), Invesco Income Growth (Ciaran Mallon, 12 years), F&C Global Smaller Companies (Peter Ewins, 12 years), Merchants (Simon Gergel, 12 years) and Murray Income Trust (Charles Luke, 11 years).

Longest serving investment company managers (AIC members)

Manager name	Company name	AIC sector	FM start date
Peter Spiller	Capital Gearing	Flexible Investment	01/01/1982	36 years 05 months
Simon Knott	Rights & Issues	UK Smaller Companies	01/01/1984	34 years 05 months
Angela Lascelles	Value and Income	UK Equity Income	11/07/1986	31 years 11 months
Matthew Oakeshott	Value and Income	UK Equity Income	11/07/1986	31 years 11 months
Hugh Young	Aberdeen New Dawn	Asia Pacific - Excluding Japan	12/05/1989	29 years 01 months
James H Henderson	Lowland	UK Equity Income	01/01/1990	28 years 05 months
Tim Levett	Northern Investors Company	Private Equity	27/04/1990	28 years 01 months
Alastair Conn	Northern Investors Company	Private Equity	27/04/1990	28 years 01 months
Richard M J Newbery	Aberforth Smaller Companies	UK Smaller Companies	10/12/1990	27 years 06 months
Alistair J Whyte	Aberforth Smaller Companies	UK Smaller Companies	10/12/1990	27 years 06 months
Job Curtis	City of London	UK Equity Income	01/07/1991	26 years 11 months
Tim Stevenson	Henderson EuroTrust	Europe	01/01/1994	24 years 05 months
Martin Hudson	Mercantile	UK All Companies	01/01/1994	24 years 05 months
Katie Potts	Herald	Sector Specialist: Small Media, Comms & IT Cos	16/02/1994	24 years 04 months
Austin Forey	JPMorgan Emerging Markets	Global Emerging Markets	01/06/1994	24 years 0 months
Robin Boyle	Athelney Trust	UK Smaller Companies	19/06/1995	23 years 0 months
Adrian Lim	Aberdeen Asian Smaller Companies	Asia Pacific - Excluding Japan	19/10/1995	22 years 08 months
Flavia Cheong	Aberdeen Asian Smaller Companies	Asia Pacific - Excluding Japan	19/10/1995	22 years 08 months
Hugh Young	Aberdeen Asian Smaller Companies	Asia Pacific - Excluding Japan	19/10/1995	22 years 08 months
Christopher Wong	Aberdeen Asian Smaller Companies	Asia Pacific - Excluding Japan	19/10/1995	22 years 08 months
Matthew Dobbs	Schroder Asia Pacific	Asia Pacific - Excluding Japan	20/11/1995	22 years 07 months
Jonathan Woolf	British & American	UK Equity Income	03/01/1996	22 years 05 months
Edwin C Merner	Atlantis Japan Growth	Japanese Smaller Companies	10/05/1996	22 years 01 months
Taeko Setaishi	Atlantis Japan Growth	Japanese Smaller Companies	10/05/1996	22 years 01 months
Flavia Cheong	Aberdeen New Dawn	Asia Pacific - Excluding Japan	01/08/1996	21 years 10 months
Flavia Cheong	Aberdeen New Thai	Country Specialists: Asia Pacific	01/12/1996	21 years 06 months
Julian Cane	F&C Capital & Income	UK Equity Income	01/03/1997	21 years 03 months
Kun Deng	Lazard World Trust Fund	Global	01/07/1997	20 years 11 months
Stephen Macklow-Smith	JPMorgan European Investment Trust plc - Growth Shares*	Europe	01/09/1997	20 years 09 months
Rukhshad Shroff	JPMorgan Indian	Country Specialists: Asia Pacific	01/01/1998	20 years 05 months
Georgina Brittain	JPMorgan Smaller Companies	UK Smaller Companies	02/01/1998	20 years 05 months
Francesco Conte	JPMorgan European Smaller Companies	European Smaller Companies	01/11/1998	19 years 07 months
Tom Walker	Martin Currie Global Portfolio	Global	22/03/1999	19 years 03 months
David Horner	Chelverton Small Companies Dividend (SPL)	UK Equity Income	12/05/1999	19 years 01 months
Mark Barnett	Perpetual Income & Growth	UK Equity Income	01/07/1999	18 years 11 months
Hamish Mair	F&C Private Equity Trust	Private Equity	01/02/2000	18 years 04 months
James K. Anderson	Scottish Mortgage	Global	01/04/2000	18 years 02 months
Adrian Lim	Aberdeen New Dawn	Asia Pacific - Excluding Japan	01/05/2000	18 years 01 months
Alex Crooke	Henderson High Income	UK Equity & Bond Income	19/08/2000	17 years 10 months
Evy Hambro	BlackRock World Mining Trust	Sector Specialist: Commodities & Natural Resources	01/09/2000	17 years 09 months
Maxwell Ward	Independent Investment Trust	Global	18/10/2000	17 years 08 months
Kate Bingham	International Biotechnology	Sector Specialist: Biotechnology & Healthcare	01/11/2000	17 years 07 months
Alexander Darwall	Jupiter European Opportunities	Europe	22/11/2000	17 years 06 months
Adrian Lim	Aberdeen New Thai	Country Specialists: Asia Pacific	01/12/2000	17 years 06 months
Nick Train	Finsbury Growth & Income	UK Equity Income	11/12/2000	17 years 06 months
Christopher Wong	Aberdeen New Dawn	Asia Pacific - Excluding Japan	01/01/2001	17 years 05 months
Robert Siddles	Jupiter US Smaller Companies	North American Smaller Companies	01/01/2001	17 years 05 months
Michael Lindsell	Lindsell Train	Global	22/01/2001	17 years 04 months
Nick Train	Lindsell Train	Global	22/01/2001	17 years 04 months
Paul Read	Invesco Perpetual Enhanced Income	Global High Income	01/02/2001	17 years 04 months
Paul Causer	Invesco Perpetual Enhanced Income	Global High Income	01/02/2001	17 years 04 months
Euan R MacDonald	Aberforth Smaller Companies	UK Smaller Companies	14/05/2001	17 years 01 months
Steven Batchelor	HgCapital Trust	Private Equity	01/01/2002	16 years 05 months
Nic Humphries	HgCapital Trust	Private Equity	01/01/2002	16 years 05 months
Matthew Brockman	HgCapital Trust	Private Equity	01/01/2002	16 years 05 months
Justin Von Simson	HgCapital Trust	Private Equity	01/01/2002	16 years 05 months
Andrew Land	HgCapital Trust	Private Equity	01/01/2002	16 years 05 months
Bruce Jenkyn-Jones	Impax Environmental Markets	Sector Specialist: Environmental	22/02/2002	16 years 03 months
Jon Forster	Impax Environmental Markets	Sector Specialist: Environmental	22/02/2002	16 years 03 months
Roger Pim	Standard Life Private Equity	Private Equity	31/03/2002	16 years 02 months
Andrew Lebus	Pantheon International	Private Equity	31/07/2002	15 years 10 months
Alastair Mundy	Temple Bar	UK Equity Income	01/08/2002	15 years 10 months
Mike Prentis	BlackRock Smaller Companies	UK Smaller Companies	01/09/2002	15 years 09 months
Neil Hermon	Henderson Smaller Companies	UK Smaller Companies	01/11/2002	15 years 07 months
Garrett Fish	JPMorgan American	North America	01/11/2002	15 years 07 months
Oleg Biryulyov	JPMorgan Russian Securities	Country Specialists: Europe	01/12/2002	15 years 06 months
Andy Brough	Schroder UK Mid Cap	UK All Companies	30/04/2003	15 years 01 months
Paul Read	City Merchants High Yield	UK Equity & Bond Income	01/05/2003	15 years 01 months
Paul Causer	City Merchants High Yield	UK Equity & Bond Income	01/05/2003	15 years 01 months
John Dodd	Artemis Alpha Trust	UK All Companies	01/06/2003	15 years 0 months
James H Henderson	Law Debenture Corporation	Global	01/06/2003	15 years 0 months
Alex Crooke	Bankers	Global	01/07/2003	14 years 11 months
Harry Nimmo	Standard Life UK Smaller Companies	UK Smaller Companies	01/09/2003	14 years 09 months
Sandy Nairn	EP Global Opportunities	Global	15/12/2003	14 years 06 months
Nick Greenwood	Miton Global Opportunities	Flexible Investment	06/04/2004	14 years 02 months
Bruce Stout	Murray International	Global Equity Income	16/06/2004	14 years 0 months
Steve Russell	Ruffer Investment Company	Flexible Investment	08/07/2004	13 years 11 months
Duncan Owen	Schroder Real Estate Investment Trust	Property Direct - UK	15/07/2004	13 years 11 months
Nick Montgomery	Schroder Real Estate Investment Trust	Property Direct - UK	15/07/2004	13 years 11 months
Sam Vecht	BlackRock Greater Europe	Europe	20/09/2004	13 years 08 months
Adrian Lim	Aberdeen New India	Country Specialists: Asia Pacific	09/12/2004	13 years 06 months
Flavia Cheong	Aberdeen New India	Country Specialists: Asia Pacific	09/12/2004	13 years 06 months
Kristy Fong	Aberdeen New India	Country Specialists: Asia Pacific	09/12/2004	13 years 06 months
Hugh Young	Aberdeen New India	Country Specialists: Asia Pacific	09/12/2004	13 years 06 months
Martin Green	Northern Investors Company	Private Equity	01/01/2005	13 years 05 months
Richard Kirby	F&C Commercial Property	Property Direct - UK	17/03/2005	13 years 03 months
Hugh Young	Witan Pacific	Asia Pacific - Including Japan	01/05/2005	13 years 01 months
Richard Klemm	Biotech Growth	Sector Specialist: Biotechnology & Healthcare	19/05/2005	13 years 01 months
Geoffrey Hsu	Biotech Growth	Sector Specialist: Biotechnology & Healthcare	19/05/2005	13 years 01 months
Lucy MacDonald	Brunner	Global	30/06/2005	12 years 11 months
Troy Duncan	JPEL Private Equity	Private Equity	30/06/2005	12 years 11 months
Gregory Getschow	JPEL Private Equity	Private Equity	30/06/2005	12 years 11 months
Eytan Shapiro	JPMorgan American	North America	01/07/2005	12 years 11 months
Howard Wang	JPMorgan Chinese	Country Specialists: Asia Pacific	01/07/2005	12 years 11 months
Ciaran Mallon	Invesco Income Growth	UK Equity Income	28/07/2005	12 years 10 months
Matthew Dobbs	Schroder Oriental Income	Asia Pacific - Excluding Japan	28/07/2005	12 years 10 months
Peter Ewins	F&C Global Smaller Companies	Global	31/07/2005	12 years 10 months
David Taylor	Chelverton Small Companies Dividend (SPL)	UK Equity Income	01/12/2005	12 years 06 months
Adrian Lim	Aberdeen Asian Income	Asia Pacific - Excluding Japan	20/12/2005	12 years 05 months
Flavia Cheong	Aberdeen Asian Income	Asia Pacific - Excluding Japan	20/12/2005	12 years 05 months
Hugh Young	Aberdeen Asian Income	Asia Pacific - Excluding Japan	20/12/2005	12 years 05 months
Christopher Wong	Aberdeen Asian Income	Asia Pacific - Excluding Japan	20/12/2005	12 years 05 months
Rajendra Nair	JPMorgan Indian	Country Specialists: Asia Pacific	01/01/2006	12 years 05 months
Shumin Huang	JPMorgan Chinese	Country Specialists: Asia Pacific	02/01/2006	12 years 05 months
Ed Beal	Dunedin Smaller Companies	UK Smaller Companies	17/01/2006	12 years 05 months
Katy Thorneycroft	JPMorgan Elect Managed Growth	Global	01/02/2006	12 years 04 months
Katy Thorneycroft	JPMorgan Elect Managed Cash*	Sector Specialist: Liquidity Funds	01/02/2006	12 years 04 months
James Corsellis	Marwyn Value Investors	Global Smaller Companies	22/02/2006	12 years 03 months
Mark Watts	Marwyn Value Investors	Global Smaller Companies	22/02/2006	12 years 03 months
William Landers	BlackRock Latin American	Latin America	31/03/2006	12 years 02 months
Ben Rogoff	Polar Capital Technology	Sector Specialist: Tech Media & Telecomm	01/05/2006	12 years 01 months
Alexander Fitzalan Howard	JPMorgan European Investment Trust plc - Income Shares*	Europe	04/05/2006	12 years 01 months
Simon Gergel	Merchants Trust	UK Equity Income	01/06/2006	12 years 0 months
Martin Tacon	Macau Property Opportunities	Property Direct - Asia Pacific	05/06/2006	12 years 0 months
Charles Thomas	Jupiter Green	Sector Specialist: Environmental	08/06/2006	12 years 0 months
Dean Orrico	Middlefield Canadian Income	North America	06/07/2006	11 years 11 months
Emerson Yee Shun Yip	JPMorgan Chinese	Country Specialists: Asia Pacific	01/08/2006	11 years 10 months
Michael Barakos	JPMorgan European Investment Trust plc - Income Shares*	Europe	02/08/2006	11 years 10 months
Jason Baggaley	Standard Life Investments Property Income	Property Direct - UK	13/09/2006	11 years 09 months
Charles Luke	Murray Income Trust	UK Equity Income	03/10/2006	11 years 08 months
Mike Adams	MedicX	Property Specialist	02/11/2006	11 years 07 months
Adrian Lim	Aberdeen Japan	Japan	10/11/2006	11 years 07 months
Flavia Cheong	Aberdeen Japan	Japan	10/11/2006	11 years 07 months
Chern-Yeh Kwok	Aberdeen Japan	Japan	10/11/2006	11 years 07 months
Hugh Young	Aberdeen Japan	Japan	10/11/2006	11 years 07 months
Stuart Edwards	Invesco Perpetual Select Managed Liquidity	Sector Specialist: Liquidity Funds	23/11/2006	11 years 06 months
Alexandre Martin-Min	Volta Finance	Sector Specialist: Debt	15/12/2006	11 years 06 months
Paul Smith	Acorn Income Fund (Split)	UK Equity & Bond Income	05/01/2007	11 years 05 months
Colin Hughes**	Henderson Opportunities	UK All Companies	24/01/2007	11 years 04 months
James H Henderson	Henderson Opportunities	UK All Companies	24/01/2007	11 years 04 months
Michael Kerley	Henderson Far East Income	Asia Pacific - Excluding Japan	02/02/2007	11 years 04 months
Walter Price	Allianz Technology Trust	Sector Specialist: Tech Media & Telecomm	01/05/2007	11 years 01 months
Richard Lang	Real Estate Credit Investments	Sector Specialist: Debt	25/06/2007	11 years 0 months
John Pattullo	Henderson Diversified Income	Global High Income	18/07/2007	10 years 11 months
Jenna Barnard	Henderson Diversified Income	Global High Income	18/07/2007	10 years 11 months
Brigitte M. Roberts	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Jim Carruthers	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Jeff Perry	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Daniel S. Loeb	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Munib Islam	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Brad Radoff	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Neel Devani	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Timothy S. Lash	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Rob Schwartz	Third Point Offshore	Hedge Funds	20/07/2007	10 years 11 months
Leonard O'Brien	Gulf Investment Fund	Country Specialists: Other	31/07/2007	10 years 10 months
Pruksa Iamthongthong	Aberdeen Asian Income	Asia Pacific - Excluding Japan	01/08/2007	10 years 10 months
Pruksa Iamthongthong	Aberdeen New India	Country Specialists: Asia Pacific	01/08/2007	10 years 10 months
Adrian Lim	Edinburgh Dragon	Asia Pacific - Excluding Japan	31/08/2007	10 years 09 months
Flavia Cheong	Edinburgh Dragon	Asia Pacific - Excluding Japan	31/08/2007	10 years 09 months
Hugh Young	Edinburgh Dragon	Asia Pacific - Excluding Japan	31/08/2007	10 years 09 months
Francois Touati	Volta Finance	Sector Specialist: Debt	01/10/2007	10 years 08 months
Serge Demay	Volta Finance	Sector Specialist: Debt	01/10/2007	10 years 08 months
Rene Biner	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Marcel Erni	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Alfred Gantner	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Philipp Gysler	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Walter Keller	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Sandra Pajarola	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Christoph Rubeli	Princess Private Equity	Private Equity	01/11/2007	10 years 07 months
Andrew Rose	Schroder Japan Growth	Japan	01/11/2007	10 years 07 months
Nicholas Weindling	JPMorgan Japanese	Japan	12/11/2007	10 years 07 months
Ian Francis	CQS New City High Yield	UK Equity & Bond Income	30/11/2007	10 years 06 months
Andy An Ho	VinaCapital Vietnam Opportunity Fund	Country Specialists: Asia Pacific	01/01/2008	10 years 05 months
Ailsa Craig	International Biotechnology	Sector Specialist: Biotechnology & Healthcare	01/03/2008	10 years 03 months
John Baker	JPMorgan Elect Managed Income*	UK Equity Income	01/03/2008	10 years 03 months
Peter Hewitt	F&C Managed Portfolio Trust	Flexible Investment	16/04/2008	10 years 02 months

*Denotes additional pool
**Colin Hughes will be retiring from Janus Henderson Investors on 30 June 2018.
Source: Morningstar

-Ends-

Notes

The number of investment companies that have had at least one manager for the last 10+ years is based on AIC member investment companies that launched in June 2008 or before, excl. VCTs, excl. additional currency classes and excl. additional pools. Total percentage figures do not include additional pools or share classes.
The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 350 members and the industry has total assets of approximately £182 billion.
Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.

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See also

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Looking for recovery

New AIC report reveals who owns investment companies

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