Deptford departs Smith & Williamson in UK
Charles Deptford, manager of the Smith & Williamson UK Equity Growth and UK Equity Income trusts, has left the firm.
He joined Smith & Williamson in June 2009 as fund manager for the UK Equity Growth and UK Special Situations trusts, which merged under his management.
Deptford (pictured), a former New Star manager, also assisted Rupert Fleming on the Smith & Williamson Enterprise fund and took over responsibility for the UK Equity Income trust.
He will be replaced on the UK Equity Growth trust by Mark Boucher, who is returning to Smith & Williamson after leaving the group in 2009 to run UK monies for a US multi-strategy hedge fund.
Boucher returns as head of UK equities and will also take up his former position as co-manager of the Enterprise fund, alongside Rupert Fleming. He will be supported by Fleming on the UK Equity Growth trust.
The pair previously worked together at Leopold Joseph/Butterfield from 2001-2006 on a similar mandate before both joining Smith & Williamson.
Meanwhile, Mark Swain is the designated assistant fund manager of the UK Equity Income trust and will now lead manage this fund.
David Cobb, director, head of investment management and banking, said: “We have had great success in building up an impressive franchise in fixed income over the past few years and we are confident this new structure for the UK equity team will put us in a much stronger position to mirror this success.
“Mark Boucher is a very experienced fund manager with an excellent track record and this, combined with his knowledge and understanding of Smith & Williamson, makes him an important hire for us”.
The Smith & Williamson UK Equity Growth and UK Equity Income trusts have both underperformed UK trade body the Investment Management Association’s sector averages over the past one and three years, according to Morningstar figures to 28 December 2012.
Equity Growth returned 17.1% over three years compared to an average of 27.9% for the IMA UK All Companies sector, while UK Equity Income returned 20.3% over the period compared to the IMA UK Equity Income average of 28.8%.
This article was first published on Investment Week