New Star fund manager Tim Steer, who, as WealthBriefing reported earlier this month, is moving to Artemis in June, will run the UK Growth Fund at the London investment firm. Artemis says the fund’s current manager, Adrian Paterson, will return to his investment trust roots by joining John Dodd managing the Artemis Alpha Trust.  

Mr Steer will also manage an Artemis UK hedge fund, more details of which will be revealed in the summer. His colleague, assistant fund manager Stephen Yiu, will join him at Artemis.

At New Star, Mr Steer heads up the £185 million (£261 million) Alpha fund. Neither company can currently specify an exact resignation or start date, as plans for his departure are incomplete.

In February, New Star accepted a buy-out offer from UK-listed investment firm Henderson, after it suffered an almost complete wipe-out of its share price last year, as a result of heavy asset falls and client defections.

Artemis was established in 1997 and now manages an asset base of some £10.3 billion. Clients' investments are spread across a range of unit trusts, an investment trust, hedge fund products, venture capital trusts and an international SICAV, as well as segregated institutional portfolios.