Big name fund manager Mark Barnett is set to step down as manager of his Tellworth fund after its takeover by Premier Miton.
The group said it had completed its acquisition of Tellworth Investments yesterday (June 17) after the deal was first announced in January this year.
It revealed Barnett, the manager of TM Tellworth UK Income and Growth fund, will be leaving the firm at the end of this month.
His fund was launched in 2022 and as of May 31 its size was £18.6mn with 41 holdings.
He joined Tellworth in 2021, just over a year after being sacked from Invesco, where he had been for more than 23 years and succeeded Neil Woodford.
As of yesterday (June 17) the Tellworth Income and Growth fund will be managed by Premier Miton’s Emma Mogford and assistant fund manager, Mahgul Ansari, who also manage the Premier Miton Monthly Income fund and Premier Miton Optimum Income fund.
Premier Miton said buying Tellworth expands its offering to include long and short strategies.
Mike O’Shea, Premier Miton's chief executive, thanked Barnett for his management, adding investors can feel confident in the new managers.
He added: "We are delighted to welcome the Tellworth team into the Premier Miton Group and be able to move forward as one business, bringing together the two UK equity teams’ impressive experience, expertise, and passion for active management."
Tellworth co-founders and managers of the TM Tellworth UK Select and TM Tellworth UK Smaller Companies funds are Paul Marriage and John Warren. The funds are set to retain their brand.
tara.o'connor@ft.com
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