abrdn UK Smaller Companies – fund manager Harry Nimmo to retire

After an investment career stretching almost four decades, well renowned stock picker Harry Nimmo will retire at the end of December 2022.

From January 2023, the abrdn UK Smaller Companies fund will be managed by Abby Glennie, supported by Amanda Yeoman as deputy manager. Its objective to provide growth over the long term by investing in UK smaller companies will remain unchanged.

Our view

Harry Nimmo is one of the most experienced managers in the UK smaller companies sector and has built an enviable track record. We are disappointed to see Nimmo leave the industry as investors will no longer have access to an outstanding fund manager who has proved he is one of the best. That said, it’s natural to see fund managers eventually retire after such a long stint in the industry.

In recent years, abrdn has communicated the evolution of Nimmo’s role to investors well. He has gradually been reducing some responsibilities like people management, with succession planning in mind. This has allowed him to spend more time on company analysis and mentoring the next generation of fund managers at abrdn. During this time, he has been a valuable resource for them and had a positive influence.

The new manager

When there’s a change in fund manager, it’s normal to see the fund evolve over time to reflect the convictions and views of the new manager. However, we don’t expect to see significant changes to this fund.

Abby Glennie, Deputy Head of Smaller Companies at abrdn, will now take the role as lead manager of the fund. Glennie has co-managed this fund since November 2020 and has over 15 years of industry experience.

Glennie and Nimmo have worked together for many years and their investment philosophy is closely aligned. Glennie will continue to use the same investment process, based on their quantitative tool called the ‘Matrix’, which has helped the team to uncover some great smaller companies over the years though it should be remembered smaller companies can be higher-risk. We think Glennie is a good manager and a sensible steward of the fund who is well-prepared to manage it when Nimmo retires at the end of 2022.

This isn’t a recommendation to make any changes to a portfolio. Investors should make sure any investments match their investment goals and attitude to risk. If you're not sure if an investment is suitable for your circumstances, please seek advice.

Past performance is not a guide to the future. Source: Lipper IM to 31/08/2022.

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