Prolific director defects to rival

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The Independent Online

Michael Vogel has resigned as managing director of Prolific, the fund management arm of Scottish Provident, to become managing director of rival fund manager Framlington.

Mr Vogel, who built an impressive reputation as manager of Prolific's flagship high-income unit trust, will leave at the end of this month after 11 years. He is joined by Warren Coleman, director of operations.

Prolific runs 16 unit trusts worldwide, managing total funds of more than £5bn. The Prolific High Income unit trust, worth £400m, has enjoyed 20 years of unbroken income growth. Capital has also grown so that £1,000 invested at the launch in September 1974 would be worth £48,766 at the close of business last Friday, assuming all the income had been reinvested.

"Mr Vogel has been a critical part of Prolific for some time," said Michael Webb, sales and marketing director. "We will be extremely sorry to see him go." Mr Webb stressed that management of the funds would continue uninterrupted.

David Woods, managing director at Scottish Provident, is to become chief executive, with the investment management side run by John Plumbton and marketing and sales by Gary Marshall, both insiders.