Deutsche Equity Income Trust will hire Standard Life Investments as subadviser to £107 million ($189 million) in active U.K. equities, said Tony Mitchard, chairman of Deutsche Equity. The previous manager was Deutsche Asset Management, but the money has been run by DWS Investment Trust Managers since Aberdeen Asset Management announced its plans to acquire DeAM's U.K. money management operation earlier this year. The lead fund manager will be Karen Robertson, who has "impressed us very much," Mr. Mitchard said.
"I don't think there will be a tremendous difference in our philosophy of concentrating on a high-caliber limited portfolio," he said. "We continue to look for investments that get a good income stream."
Deutsche Equity worked with brokers Dresdner Kleinwort Wasserstein in the selection process.