Marlborough announces long-term succession planning for small-cap funds
14 May 2020 – Marlborough Fund Managers has today announced a long-term succession planning strategy for its Marlborough Special Situations and Marlborough UK Micro-Cap Growth funds, which are on the Chelsea Selection and Chelsea Core Selection respectively.
Veteran co-manager Giles Hargreave will step away from the management of the funds in January 2021, with existing co-managers Eustace Santa Barbara and Guy Feld becoming co-managers together on each fund.
Eustace has co-managed the Marlborough Special Situations fund with Giles since September 2014 and Guy has co-managed the Marlborough UK Micro-Cap Growth fund with Giles since February 2012. Both managers have contributed significantly to the success of the funds and are supported by a large and very experienced team.
Commenting on the changes, Darius McDermott, managing director of Chelsea Financial Services, said: “Giles has been an outstanding UK smaller companies fund manager. Over his tenure of almost 22 years, the Marlborough Special Situations fund has been the best-performing fund in its sector, returning 2,548.73% compared with 451.12% for its average peer*.
“Thankfully for his investors, during that time he has also built an exceptionally strong team. This is excellent succession planning that has been in the making for some years and investors are being given plenty of advance warning, as Giles will remain co-manager on the Marlborough small-cap funds until January 2021. Even then, he will remain closely involved.
“As such the Marlborough Special Situations and Marlborough UK Micro-Cap Growth funds will remain on the Chelsea Selection and Chelsea Core Selection respectively.”
*Source: FE Analytics, total returns in sterling, 1 July 1998 to 13 May 2020, IA UK Smaller Companies sector.
Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. The views expressed are those of the fund manager or commentator and do not constitute financial advice.