The duo were previously co-leads of global equities at Pictet Asset Management. In their new roles, they will take over the management of the £89 million ($136 million) Smith & Williamson North American trust from Robert Royle, who will move to the firm's private client business.

They will also head up the £108 million Dublin-listed Mid Ocean World Investment fund, replacing lead manager David Hunter, who will focus on other portfolio management responsibilities within the firm.

“Our equity managers are characterised by bottom-up, high-conviction investing, within a disciplined framework. This is combined with an awareness of underlying market themes, and the skill and experience to bring this all together. Tim and Chris are excellent exponents of this approach,” said Smith & Williamson's head of funds business, Ed Rosengarten.

In other movements, Lady Tana Focker, who spent almost 20 years looking after the North American trust, will be retiring. During her tenure as lead manager, the fund returned 110 per cent compared to the IA North American sector increase of 59.12 per cent, according to the firm.