DAVID Clark, a former fund manager at Ignis in Glasgow, is joining Edinburgh-based Saracen.
Mr Clark formerly managed the Ignis UK Smaller Companies unit trust, among other funds.
Saracen Fund Managers, which is run by Edinburgh fund management industry veteran Graham Campbell and is 100 per cent-owned by its employees, noted Mr Clark had achieved a Citywire ‘AAA’ rating for his investment performance.
Mr Clark left ignis in 2014, following the asset manager’s takeover by Edinburgh-based financial giant Standard Life. In the wake of this deal, Standard Life closed Ignis’s Glasgow office.
Saracen noted Mr Clark had, since leaving Ignis, been a non-executive director of several listed companies. Most recently, he was non-executive chairman of Orchard Funding Group, a role from which he has stepped down.
Mr Clark has particular expertise in small and mid-capitalisation company investment, Saracen noted.
He will work closely with Scott McKenzie. Mr McKenzie is the current fund manager of both of Saracen’s UK funds, TB Saracen UK Alpha and TB Saracen UK Income.
Saracen, with the arrival of Mr Clark, now has eight employees. It has funds under management of £131 million.
Mr Campbell said: “David Clark’s experience will strengthen our fund management team as Saracen seeks to take advantage of attractive UK equity opportunities and maintain and build upon the strong performance records of its two UK equity funds.”
Investors in Saracen’s funds comprise institutions such as pension funds and charities, financial advisers, discretionary private client managers, and individuals.
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