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Tim Steel and Richard Lee to exit in December
Third consecutive month of outflows
Second vehicle for manager
Concentrated portfolio of 20 to 40 high-quality companies
iNED appointment also confirmed
Expects 'mid to high teens percentage decline' in reported revenues
Assumes new role on 1 Jan 2020
Range will be rolled out over next six months
UK business in the black as FUM shrinks by 5.2% to £1.6bn