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Longest serving managers

19 June 2018

Latest data from the AIC reveals half of investment companies have had the same fund manager for at least 10 years.

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-

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Notes

  1. 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.
  2. 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.
  3. 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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Annabel Brodie-Smith
Communications Director
Tel: 020 7282 5580
annabel.brodie-smith@theaic.co.uk
@annabelbrodies
@aicpress

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Communications Manager
Tel: 020 7282 5583
elmley.delacour@theaic.co.uk
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