Old Mutual Global Investors has promoted Nick Williamson to lead manager of the £137m Dublin-based fund, with effect from 1 January.
However, despite having worked as deputy manager alongside Nickols since 2013 – and having been on OMGI’s UK small- and mid-cap equity team since October 2008 – Morningstar stressed Williamson did not have a track record managing money in his own right.
Morningstar senior manager research analyst, Simon Dorricott, said: “[Williamson] will undoubtedly continue to operate within the team based approach he has been part of over the past seven years, but within that there is still scope for individual managers to impart their own views in terms of stock selection, timing of decisions and portfolio construction.
“We will wait to meet the new manager and assess his particular investment approach and style before awarding the fund a rating.”
Williamson will retain his deputy manager role behind Nickols on the £802.5m Old Mutual UK Smaller Companies Fund.
The offshore Old Mutual UK Smaller Companies Focus Fund is slightly more concentrated than the onshore fund, which may result in periods of greater volatility.
Nickols said Williamson’s progression is “entirely consistent with the team ethos of bringing on internally cultivated talent.”
