Millar steps down from Martin Currie Pacific trust

John Millar is stepping down from his role as manager of the £135m Martin Currie Pacific trust after the board decided to reduce the trust's exposure to Japan.

The trust has 40% invested in Japan's MSCI All Country Asia Pacific index but this is set to be reduced to between 10% and 40% of the portfolio as the board believes there are stronger growth prospects elsewhere in Asia. Andrew Graham, who is a member of the group's Asian equities team, will take over as lead manager. Graham headed up Sofaer Capital's Japan fund and Pacific hedge funds prior to joining Martin Currie last year. Paul Danes, who manages the group's Japanese mid-cap strategy, will be deputy manager. "While Japan currently offers particularly good value judged by the...