Hedge fund manager Horseman to step down

* Russell Clark to take over Global fund

* Fund down 23 pct in 2009, long-term returns strong

* Clark's emerging markets fund to be shut

LONDON, Nov 12 (Reuters) - John Horseman, regarded as one of the UK's top stockpickers, is to step down from day-to-day management of his hedge funds, which have run up losses in 2009. London-based Horseman Capital Management said Horseman and assistant Mark Driver will stand down as managers of the Global fund and associated portfolios at the end of the year although they would maintain an active role at the firm.

The long-short equity fund has made a compound annual return of more than 16 percent since it was set up in early 2001 but has lost 23 percent in the first 10 months of what has proved to be a strong 2009 for the hedge fund industry.

"I feel that after almost three decades managing funds for clients it is time to pass on the baton," said 51 year-old Horseman in the statement. "I feel now is the most appropriate time to make way for others."

The firm said Russell Clark, assisted by colleague John-Paul Burke, would take over management of the fund, while Clark's Horseman Emerging Market Opportunities fund would be shut. (To read the Reuters Hedge Fund Blog click on blogs.reuters.com/hedgehub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher)