Manager of the £486m Somerset Emerging Markets Dividend Growth fund Edward Lam will leave the company later in the year to "pursue other opportunities", the company confirmed today (16 September).
Lam, who has been lead manager of the fund since its launch in 2010, will be replaced by a new dividend growth team from another firm, according to Somerset, which will be named "in due course".
The new team, which will join Somerset's 20-strong group of analysts and fund managers, will be headed up by a portfolio manager with more than 25 years of portfolio management experience.
Lam will remain at the fund's helm until the new lead manager joins in October to "ensure a smooth transition". Senior analysts on Somerset Emerging Markets Dividend Growth Thomas Hartley and Andrew Stone will continue to work on the fund, while its "core investment philosophy and process" will remain unchanged, according to the firm.
Oliver Crawley, a senior partner at Somerset and head of marketing, said: "We are excited by the prospects for the fund and the wider emerging markets asset class in the coming years. We have appointed a new lead manager and team and will be able to provide further details in the coming weeks.
"In the meantime Edward Lam and the Somerset team will continue to run the fund as normal. We would like to thank Edward for his contribution to Somerset and wish him well in the future."