Abrdn UK Smaller Companies Growth Trust plc said that after 37 years with Standard Life and Abrdn, Harry Nimmo will retire from Abrdn at the end of 2022 and will, therefore, step down as co-manager of the fund at that time.
Abby Glennie, who has worked alongside Nimmo in the smaller companies team since January 2016 and has been co-manager of the trust since November 2020, will become the fund’s lead manager.
Glennie will be supported by Amanda Yeaman, an investment director in the smaller companies team.
Nimmo joined Standard Life in 1985 and started the smaller companies team in 1993 and has been the manager of the fund for over 19 years.
“The Quality Growth Momentum process that he developed with his team has been used since Standard Life was appointed manager in 2003 and, under his management, the company has grown from having net assets of £44 million to over £500 million,” said the trust.
UK Smaller Companies Growth Trust chair Liz Airey said: “On behalf of the board and shareholders, I would like to thank Harry for all that he has done for the company in making it one of the pre-eminent investment trusts in the UK Smaller Companies sector and wish him a long and happy retirement.
“The mantle for managing the portfolio is being passed to Abby Glennie who has been co-manager of the portfolio since November 2020 and Amanda Yeaman who will be the deputy manager.
“The board has been working with Abby now for several years and is pleased to have her and Amanda responsible for the portfolio and is confident that the strong long-term performance generated under Harry’s leadership will be continued over the coming years.”
Andrew Paisley, head of smaller companies at Abrdn, said: “It has been a privilege to work with Harry over the last eight years and I would like to thank him for his collegiate, team based approach which has ensured that we have in place a disciplined process and an extremely well-resourced team that will continue to implement our highly successful quality, growth and momentum approach.”
Nimmo said: “I would not have stayed at Abrdn for more than 37 years if I hadn’t enjoyed myself working with many colleagues that have become friends.
“I value stability and continuity highly, both in our investment process and in providing a robust framework that will enable our small/midcap strategies to deliver continued long-term performance for our clients long after I have gone.
“We have been preparing for my departure for some years now with a view to making the transition as seamless as possible.”
An Abrdn spokesperson said: “From a broader team perspective, there will be no change to the overall leadership structure with Andrew Paisley continuing to lead the smaller companies team supported by Abby Glennie as his deputy.
“Whilst we are sad to see Harry depart the business, the process and strong team culture that he helped develop will remain firmly in place.
“Smaller companies represents an area of strategic focus for Abrdn, and we are confident that the team will continue to deliver attractive long term returns for investors, using their unique investment process which has been tried and tested through several economic cycles.
“We want to take this opportunity to thank Harry for his outstanding contribution to the business over the past 38 years, and wish him all the best in his well-deserved retirement.”