Aberdeen Standard Investments has restructured its UK equity team with Karen McKellar (previously Robertson) retiring from fund management, Wealth Manager can reveal.
Millington had served as acting head of UK equities since March 2017 following the departure of David Cumming. The role was made permanent in January, while Duncan was also promoted at the start of the year.
According to documents seen by Wealth Manager, ASI’s head of UK wholesale Michael Beveridge said manager of its UK Equity High Income fund, McKellar (pictured), has decided to retire after joining Standard Life shortly after university in the early 90s.
It is understood the restructure is part of a broad overhaul of the firm's equity desk, following last year's merger between Standard Life and Aberdeen Asset Management.
Meanwhile Iain Pyle has assumed management of the UK Equity High Income fund with immediate effect, Frederik Nassauer will manage the UK Equity High Alpha fund, with Millington taking over management of the UK Equity Growth fund.
In an update to investors announcing the changes, Beveridge said: ‘Expanding upon full FTSE 350 market coverage, the team’s greater analytical resources are set to provide broader stock coverage, with insight continuing to be driven by excellent corporate access and robust peer review.
‘As investors will be aware, this structure has generated a wide range of robust performing UK equity track records over many years.
‘Looking forward, we believe the team remains extremely well placed to successfully deliver against a broad range of clients’ investment objectives.’