F&C to lose £150m US trust as Siddles exits

The board of the £150m F&C US Smaller Companies trust has said it will serve notice on F&C after manager Robert Siddles quit the group.

Siddles is to leave F&C at the end of 2013 after 12 years at the firm. He previously spent nine years at Gartmore. His responsibilities at the fund manager also included running its £100m open-ended US Smaller Companies portfolio. That fund has returned 60% over the three years to 21 October, in line with the IMA US Smaller Companies sector average, according to FE. The board of the trust said its current intention is to end its arrangements with F&C and "retain the services of Siddles as the company's investment manager at his new employer."