By Scott Wright

HIGH-PROFILE fund manager Harry Nimmo has stepped down as global head of smaller companies at Aberdeen Standard Investments (ASI).

Mr Nimmo, who has held the post for 27 years, has decided to step back from people and commercial management responsibilities to focus on managing funds. He will now focus on managing the ASI UK Smaller Companies Fund, Standard Life UK Smaller Companies Trust and play a key role in the launch of the investment giant’s Global Mid Cap strategy, which he will manage with Anjli Sha.

By January 31 this year ,the UK Smaller Companies Trust, which actively manages smaller and mid-sized companies in the UK equities market, had seen its net asset value per share more than double to 623.8p over years five years.

Mr Nimmo will be replaced by Andrew Paisley, deputy head of smaller companies, with Abby Glennie moving into Mr Paisley’s current role. Mr Paisley and Ms Glennie, who take up their roles on March 31, will manage an eight-strong team, and represent the smaller companies team on the ASI equities management committee.

Mr Nimmo said: “After over a quarter of a century in this role, it is the right time to hand the baton to Andrew who will do a fantastic job alongside Abby. I’m looking forward to focusing on my UK smaller companies portfolios and working with Anjli on the new global mid cap strategy. The strategy is ideally placed and will be able to leverage the team’s insights.”

Devan Kaloo, global head of equities at ASI, said: “Andrew is the natural choice to succeed Harry. As deputy head of the team Andrew, alongside Harry, has played an important part in developing and growing our smaller companies business. Harry has an outstanding long-term track record as a smaller companies fund manager and I fully understand his desire to step away from the responsibilities of being head of the desk.”