Analysts often use the departure of a longstanding and successful manager as an opportunity to review a fund , and news of Richard Colwell ’ s decision to retire from
CT UK Equity Income is no exception . Colwell took charge of the fund in September 2010 and has delivered returns of 178.4 % since then , the third highest figure in its IA UK Equity Income sector , while helping it grow to £ 3.5bn . It is obvious that Colwell is held in high regard across the industry , as news of his departure has provoked a negative reaction from fund buyers – Square Mile has suspended its rating on CT UK Equity Income while Hargreaves Lansdown has dropped it from its Wealth Shortlist altogether . However , incoming manager Jeremy Smith claimed he is the “ continuity ticket ” – he has worked with Colwell for close to two decades and has pledged to run the fund with the same contrarian approach to picking largecap dividend-paying companies . “ The fund has been constructed by a large team of people , all of whom are still in place , and the technical input is continuing with the same personnel ,” he said . “ I have worked with Richard for 17 of the past 27 years . It is not as though I have come in from the outside and there is a style reset . “ The fund will however evolve over time and it is an important period to be on the front foot as the market leadership changes .” Colwell , who is to retire later this month , recently told Trustnet that now is an interesting time for the UK market , with activist investors holding significant stakes in eight of the 20
/ 48 / trustnet . com