UK small-cap stalwart Harry Nimmo is to hang up his hat and retire from Abrdn, bringing to a close a 38-year career with the business.
Nimmo (pictured), who has run the £1.5bn Abrdn UK Smaller Companies fund since inception in 1997, will leave at the end of this year.
Abrdn told Portfolio Adviser it had been working closely with Nimmo for a number of years to ensure a smooth takeover of responsibilities and continuity of process.
In November 2020, Abby Glennie joined Nimmo as a co-manager on the Abrdn UK Smaller Companies fund, as well as the £469.9m Abrdn UK Smaller Companies Growth trust, as he briefly returned to the helm of the Global Smaller Companies fund, after Alan Roswell defected to Premier Miton.
Glennie will now take over as the primary manager on both strategies and will be assisted by Amanda Yeaman who will be promoted to deputy manager from 1 January 2023. The Abrdn Global Smaller Companies fund has been run by Kirsty Desson solely since December 2021.
Abrdn said its smaller companies business remains “a strategic area of focus”.
“Whilst we are sad to see Harry depart the business, the process and strong team culture that he helped develop will remain firmly in place,” an Abrdn spokesperson said.
“We want to take this opportunity to thank Harry for his outstanding contribution to the business over the past 38 years, and wish him all the best in his well-deserved retirement.”
Nimmo’s funds ‘in good hands’
Darius McDermott, managing director of Fundcalibre, said Nimmo’s departure marks “the end of an era,” hailing him as “one of the most successful UK smaller companies managers over the past three decades”.
“However, this is a great example of good succession planning,” McDermott continued. “Harry used to be head of the small-cap team which has been restructured for some time and he has continued to work with the fund managers on a gradual transition.”
He added Nimmo’s mandates were “in good hands” under Glennie “who is a very good manager in her own right”.
Reflecting on his time at Abrdn, Nimmo said: “I would not have stayed at Abrdn for more than 37 years if I hadn’t enjoyed myself working with many colleagues that have become friends. I value stability and continuity highly, both in our investment process and in providing a robust framework that will enable our small-/mid-cap strategies to deliver continued long-term performance for our clients long after I have gone.”