Fund selectors have removed the £2 billion Threadneedle UK Fund from their recommended list following the departure of lead manager and head of UK equities Simon Brazier to Investec Asset Management.

Fund selectors have removed the £2 billion Threadneedle UK Fund from their recommended list following the departure of lead manager and head of UK equities Simon Brazier to Investec Asset Management.

City Financial said in a statement that it had taken the Threadneedle UK Fund off its recommended list, while Square Mile Investment Consulting & Research has also suspended the rating on the fund.

“While there is a sound process in place, we think that Brazier’s stockpicking abilities and experience has been key to the performance, and have suspended the rating as a result,” said John Monaghan, senior investment research analyst at Square Mile.

Investec Asset Management said in a statement that Brazier will be joining the company in November. Also joining from Threadneedle are co-fund manager Blake Hutchins, analysts Ben Needham and Anna Farmbrough, and product specialist Neil Finlay.

Chris Kinder has been named the lead manager of the fund with immediate effect and will also manage the Threadneedle UK Extended Alpha.

Leigh Harrison, head of equities at Threadneedle assumed responsibility for the UK equities team. Harrison has overseen Threadneedle’s equities franchise since 2010, and  was previously head of UK equities from 2006 to May 2011.

“Incoming manager Chris Kinder has amassed a strong track record on the £46 million ($75 million) Threadneedle UK Extended Alpha fund since December 2010, but this fund has a different process and is far smaller. We will need to meet with Mr Kinder and familiarise ourselves with his approach before removing the suspended rating,” Monaghan added.

City Financial said it will be discussing the "broader implications” of the changes to the UK equities team with Threadneedle as soon as possible.

Brazier will form part of the Investec Quality capability, where he will operate as co-head with Clyde Rossouw, manager of the Investec Global Franchise fund.

Investec said Brazier will run UK Equity funds consistent with his current UK alpha strategy and that it will launch a UK equity fund to be run for Hutchins.

Mark Burgess, chief investment officer at Threadneedle, said he was confident that under the resumed leadership of Harrison the team would continue to deliver for clients.

“We place great emphasis on teamwork and integrated research to ensure that our process is  robust. This approach has produced a strong, consistent track record of results for our clients  and this will not change. We will continue to invest to build additional resource in the team,” said Burgess.

“Chris is a senior fund manager and a core member of the UK team. He has an excellent track  record and we are very confident that he will continue the strong performance of the Threadneedle UK Fund,” Burgess added.