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