Neptune UK Equity manager Smith departs

Neptune has replaced Jeremy Smith as manager of the £53m UK Equity fund following a period of underperformance.

He has been replaced by Ted Alexander, who runs the International Bond fund as well as co-managing the Balanced Managed and Cautious Managed funds. Neptune says: "Whilst the long-term track record of the Neptune UK Equity fund is strong, the more medium-term and short-term performance has been disappointing. "It was felt that action was needed to address this, resulting in a change of manager and the departure of Jeremy Smith on 30 September 2010." The group says Alexander has worked closes with Robin Geffen in managing the Balanced fund. Neptune deputy managing director Richard...