By SIMON MOORE 25/01/2010
Brian Watson, the manager of Framlington Innovative Growth Trust (FIT) for the last 17 years, is to leave the company in July 2010. George Luckraft, current head of the closed-end fund business at AXA Framlington has taken over with immediate effect. Watson will help in the hand over until he leaves.
Watson will be a hard act to follow as he as an excellent track record in UK smaller companies (99.4% MRI, 0.36% average monthly relative outperformance). Luckraft by contrast has no record in this sector at all. In July 2010 the objective of this trust will also be changing so that larger companies will be allowed. We will thus suspend our 3 star rating and in July it is likely that we will recommend shareholders take up the tender offer for their entire holding.