Lindsell Train has launched its first new fund in more than nine years, which will be the first ever not to feature either of the firm’s namesake founders as managers.
Lindsell Train North American Equity will be managed by James Bullock and Madeline Wright, and presents an opportunity for the pair to manage a strategy with "complete autonomy" as the firm begins to think "ever more seriously about succession", according to a spokesperson for Lindsell Train.
Bullock, who joined the firm in 2010 and co-manages the Global Equity portfolio, will be assisted by Wright, who has been with the company since 2012, and the duo will be supported by the rest of the investment team.
It will be designed as a UK OEIC, modelled on the same structure as the UK Equity fund, and will be seeded from "Lindsell Train related sources", including the founders and the Lindsell Train investment trust.
The spokesperson added that the new fund will be noted in the semi-annual report, but further details of the fund would not be discussed for "the time being" and the fund will not be marketed to external investors "until it has built up a meaningful track record".