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Baillie Gifford appoints ex-Pimco man to struggling trust

Baillie Gifford appoints ex-Pimco man to struggling trust

Baillie Gifford has replaced the lead manager of the underperforming Pacific Horizon Investment Trust with a recent recruit from Pimco.

Ewan Markson-Brown, formerly senior vice president for emerging market equities at Pimco, the US investment giant, has been appointed as portfolio manager of the £125 million trust. He joined Baillie Gifford in September 2013.

Previous manager Mike Gush (pictured) will continue to provide support to Baillie Gifford’s emerging markets team, while Roderick Snell will remain as deputy manager.

‘The team based approach to stock-picking and the consistent investment philosophy and process, adopted by Baillie Gifford, ensures a smooth transition in portfolio responsibilities and investment style,’ said chair Jean Matterson.

Before joining Pimco, Markson-Brown was a portfolio manager covering Asian equities at Newton Investment Management.

Over the past three years Pacific Horizon has returned 11.2% on a net asset value basis, compared with 11.9% from the MSCI Asia Pacific excluding Japan index.

In September this performance was described as ‘unsatisfactory’ by Pacific Horizon’s chairman.

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