Marlborough reveals succession plan for Giles Hargreave's funds

Lauren Mason
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Marlborough reveals succession plan for Giles Hargreave's funds

Marlborough Fund Managers has announced its long-term succession plan for the three UK smaller companies funds co-run by veteran manager Giles Hargreave.

From 1 January 2021, Hargreave (pictured), who launched the Marlborough Special Situations fund in 1998, Marlborough UK Micro Cap Growth in 2004 and Marlborough UK Nano Cap Growth fund in 2013, will no longer be a named manager on the funds but will "continue to play a central role" in the running of the mandates, according to Marlborough.

Eustace Santa Barbara, who has co-managed the £1.1bn Marlborough Special Situations fund alongside Hargreave since 2013 - and Guy Feld, who has co-managed the £990m Micro Cap and £168.5m Nano Cap funds since 2012 and 2013 respectively, will become co-managers of the three funds from the start of next year.

Giles has assembled and mentored a first-class team of experienced fund managers who are all strong believers in the investment process and philosophy that have made these funds so popular with investors."

Hargreave will continue to lead weekly investment meetings with Santa Barbara and Feld, while the investment process and philosophy across all three fund will remain the same.

Wayne Green, joint managing director of Marlborough Fund Managers, said: "The success of the funds over many years has been down to a team-based approach.

"Giles has assembled and mentored a first-class team of experienced fund managers who are all strong believers in the investment process and philosophy that have made these funds so popular with investors.

"Giles will continue to work closely with the fund managers and his experience and expertise will continue to make an important contribution to the success of the funds."

Hargreave said: "Working with a large and talented team investing in some of the UK's most exciting and innovative businesses is a great privilege and I look forward to continuing to do so.

"We have a very strong and collaborative team, united by one investment philosophy, and we are committed to our aim of seeing the funds continue to go from strength to strength."

Darius McDermott, managing director of FundCalibre, said both the Special Situations and UK Micro Cap Growth funds will retain their 'Elite ratings'.

He 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.

"The team members have worked together for many years and both of Giles' co-managers, Eustace Santa Barbara and Guy Feld, have contributed significantly to the performance of the funds over their tenure.

"There will be total continuity for investors in terms of investment process, and we have the utmost confidence in their skills and that they will co-manage the funds successfully together in the future."

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