Artemis Investment Management is to replace Baillie Gifford as manager of the Mid Wynd International investment trust.
The decision was prompted by the retirement of Michael MacPhee, who had managed the trust for 15 years on behalf of Baillie Gifford.
The company had controlled the trust since its float in 1981, guiding it through a range of extremes, including the 1987 crash, the burst of the dotcom bubble, the exit from the ERM and more recently the credit crunch, to leave assets sitting close to a record high of £76.2 million as at the end of April.
The trio run the open ended Artemis Global Select fund, which has returned since 10.4% since its launch in June 2011 versus a 7.8% rise in the MSCI AC World index.
The fund is concentrated portfolio based on a bottom-up style where accounts-based analysis power stock selection.
'In view of the retirement of the incumbent investment manager, Michael MacPhee, who has managed the company for over 15 years, the board has undertaken a thorough process to review available investment management options to the company,' the board told investors.
'The board wishes Michael well in his retirement and thanks Baillie Gifford for their management and secretarial services to the company since it floated in 1981.'
Mid Wynd, which is sitting on a 0.4% discount, has seen its net asset value rise by 79% over the last five years versus a 71% gain in the FTSE World index.