Harry Nimmo, one of the best known and longest-established UK Smaller companies investors in the UK, is to retire at the end of this year.
Nimmo was lead manager on both an open and closed ended smaller companies fund and he had been at the helm of both funds since 2003.
Combined, the assets of those mandates came to £2bn.
Over the past decade the UK Smaller Companies fund has delivered an annualised return of 15.2 per cent, comfortably ahead of its sector.
Nimmo’s successor is Abbie Glennie, who has worked with Nimmo as a co-manager on the fund since launch.
Ben Yearsley, investment director at Fairview, said: “This isn’t really a surprise. Harry has been taking a back seat on some aspects of the fund for a few years and promoting Abbie, so it was well flagged.
"The only concern I would have is that some members of the wider smaller companies franchise at Abrdn have departed in recent years. At one time they were the top smaller companies team in the country, but perhaps not now. But Harry’s retirement has been well flagged and Abbie is a very experienced investor.”
Darius McDermott, managing director at Fund Calibre said: "Harry has been one of the most successful UK smaller companies managers over the past three decades. However, this is a great example of good succession planning.
"Harry used to be head of the small cap team which has been restructured for some time and he has continued to work with the fund managers on a gradual transition. We believe Abby Glennie is a very good fund manager in her own right."
McDermott added: "She has been part of the team for a long time and managed her own funds independently of Harry very successfully. TheASI UK Mid Cap Equity fund she runs is Elite Rated by FundCalibre.
"The wider team is also stable and very strong. We wish Harry well in his retirement but have no qualms that he has left the funds in very good hands."
david.thorpe@ft.com
