Steer replaces BlackRock’s Richard Plackett, who announced a six-month sabbatical in March.
Steer will serve as one of three growth-orientated investors in Freeman-Shor’s fund, alongside Old Mutual’s Dan Nickols and Wellington Capital Management’s Dirk Enderlein.
Elsewhere in the fund, Freeman-Shor has also removed Danske Capital’s Henrik Husted Knudsen. This is due to a willingness to further reduce the fund’s exposure to quality growth stocks. In his stead, Freeman-Shor has added Old Mutual colleague Kevin Lilley to replace Knudsen.
Freeman-Shor’s decision to add Steer and Lilley marks the first major change since he opted to add fund selector favourite Nicholas Walewski to the line-up in September of last year to help improve his value coverage.
The Old Mutual European Best Ideas fund currently comprises nine managers drawn from a series of different fund houses all investing in European equities.
Each manager creates a 10-stock portfolio which is then combined to form the overall Best Ideas portfolio, which is overseen by Freeman-Shor.
In addition to Nickols, Enderlein and Steer, the other managers in the €347 million fund are currently: Marc Renaud of Mandarine Gestion, Damien Lanternier of Finance L’Echiquier, Liontrust’s James Inglis-Jones, Odey Asset Management’s Crispin Odey and Old Mutual’s Kevin Lilley.
The Old Mutual European Best Ideas fund has returned 19.8% over the three years to the end of April 2014. This compares with a rise of 30.1% by its benchmark, the FTSE World Europe TR EUR, over the same period.