L&G has said it will make its Dynamic Bond Trust available to retail investors effective 31 March. The fund, which will carry a minimum investment of £500, is a flexible fixed-interest offering that can invest across global markets, credit ratings, and fixed-interest sectors. It also has full UCITs III powers to employ derivatives strategies. L&G's press releas
e cites the fund's strong results relative to its IMA sector since inception, but we take that with a healthy grain of salt. First, it's in the UK other Bond sector, which is a bucket group of disparate offerings. Second, it has only been around since April 2007, a period which is far too short to be very meaningful in our book.
Fidelity Hires New Head of Global Equities
Fidelity has hired llario Di Bon from UBS to fill the newly created position of head of global equities. Di Bon has been with UBS for eight years. Fidelity's press release notes that Di Bon has held a number of portfolio management positions with UBS, and that he served as head of global equity research there. Our information shows him most recently as part of the team overseeing its global ex-US strategy. That strategy has been a poor long-term performer for UBS, but the degree of Di Bon's responsibility for its woes--if he bears any--is unclear. Di Bon will start his new position in May 2008 and will report to Nicky Richards, Fidelity International's chief investment officer. He will oversee the global equity investment team, encompassing Fidelity International's sector, US and global emerging market equity teams. The firm says he will also have responsibility for developing its institutional global equity fund line-up.
Brown Advisory Opens London Office
US firm Brown Advisory, whose home base is in Baltimore Maryland, has opened an FSA registered and authorised office in London. The firm specialises in US Equities, and launched a clone of its U.S. Large-Cap Value fund as a Dublin UCITS vehicle in 2006. The firm's record at its funds available for sale to US investors is unimpressive. Of its five equity funds with records of five years or longer, only one has outperformed its average Morningstar peer over the five years ended 29 February. Over the past three years, the figure is one of six. The version of the Large-Cap Value strategy that is available in America, which is the basis for the Dublin-based fund, ranks in its Morningstar category's 50th percentile over the past five years.
Pimco Hires Product Manager for European LDI Business
Pimco has hired Jeroen van Bezooijen as senior vice president and product manager for its liability-driven investment (LDI) business in Europe. Jeroen was previously at Goldman Sachs, where he was an Executive Director in the Pensions & Insurance Strategy Group. The move isn't surprising. There has been a marked shift towards LDI investing by institutions in Europe, and Pimco's fixed interest expertise makes the firm a natural to try to expand its presence in the market. (LDI encompasses a range of strategies that focus on ensuring investments are designed to meet current and future liabilities rather than beat a peer group or other benchmark).
AXA Framlington Adds Support for Emerging Markets
AXA Framlington has hired Neil Denman from Hexam Capital Partners to join William Calvert's team at AXA Framlington Emerging Markets. Calvert and his team oversee £263 million in emerging markets assets, and have established a strong record over time. AXA Framlington Emerging Markets was a finalist for the Morningstar UK Best Emerging Markets Equity Fund Award 2008.
