Noble-Nesbitt leaves Close Brothers AM

Deryck Noble-Nesbitt has left Close Brothers Asset Management as the firm winds up his Special Situations fund.

The manager (pictured) produced top decile returns over three and five years to 2011, but recent performance for the £11m small-cap fund has been poor. His fund returned -0.2% for the three years to 28 June, according to Morningstar, compared to an IMA UK Smaller Companies sector average of 69.3%, and putting it third bottom overall. In May, the firm also announced the wind-up of his £11m Beacon Investment fund, but said he would continue in his role as MD of investments and smaller companies. A spokesperson said Noble-Nesbitt's departure comes as part of a review of the business l...