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)