T. Bailey merges UK funds
T. Bailey has announced details of the merger of its UK Best Ideas fund into the firm’s £158 million flagship Growth fund. UK Best Ideas was launched in October 2007 but investor demand had been limited with the fund’s assets a meagre £1.7 million. This move is sensible in our eyes as its inefficient for managers to manage a fund with a small assets base and usually results in increased costs for investors. We believe that managers across the industry should be taking a closer look at fund line-ups and looking to consolidate where possible.
Dalton hires former Investec Head of equities
Dalton Strategic Partnership (DSP) has announced that Nick Mottram, formerly head of equities at Investec will be joining the firm. Dalton is moving from Origin Asset Management where has was one of its founding partners back in 2004. Dalton has over two decades of investment experience under his belt including his time at Investec as well as 10 years at Schroders where he was Global Head of Research. DSP was formed back in 2002 by Andrew Dalton and a group of colleagues from Merrill Lynch Asset Management. As at Dec. 2009 the firm had assets under management of USD 1.7 billion.
Threadneedle adds to UK equities team
Threadneedle has boosted its UK equities team with the appointment of Chris Kinder who is moving across from RWC Partners. Kinder has seven years experience in both long only and long-short equity funds. Prior to his previous role he was a UK Small and Mid-Cap specialist Govett Investments. In his new role Kinder will report to Leigh Harrison, Head of UK Equities and work closely with Mark Westwood on the firm’s UK Crescendo and high alpha long-only products.
Liontrust to launch European Value fund
Liontrust has announced plans to next month launch a long only UCITS III European Value Fund to be run by former GAM managers Ross Hollyman and Rob Cornish who joined the firm back in October 2009. The fund will be managed in a similar style to Hollyman’s former GAM Star European Systematic Value. The new fund will typical hold 70-120 stocks and the duo have indicated at launch it will be at the lower end of the range – due to their preference in large caps and the fact they tend to have a greater weight in their portfolio.
JP Morgan Emerging Markets fund manager departs
JP Morgan Asset Management has announced that Chris Morrell manager of the £183 million JPM Emerging Markets Alpha Plus fund will leave the firm. Morrell had been at the firm since 2006 having previously been at Merrill Lynch. The firm said that Ashraf el Ansary, a member of the firm’s emerging market team since 1999 will take on responsibility for the fund. At this stage there is no indication if Morrell will be replaced.
Morningstar qualitative ratings and reports issued this week
Morningstar issued new or updated qualitative ratings and reports on a number of funds available to UK investors this week, including M&G Global Leaders, M&G Global Growth, M&G Recovery, Rensburg UK Mid-cap Growth, First State GEM Leaders, First State Asia Pacific Leaders, First State Asia Pacific, FF – Global Sector Fund and Thames River Global Boutiques.