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How Long Should a Manager Head Up an Investment Company?

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)

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