Head of European Equity leaves Schroders
Gary Clarke, who heads the European Equity team at Schroders, has left the firm and will be joining the global equity team at JP Morgan Asset Management as co-head of global thematic and retail portfolios. At Schroders he managed their ISF European Equity Alpha and ISF Euro Equity funds which were rated Superior and Standard, respectively, by Morningstar analysts but have now been placed Under Review. Martin Skanberg has taken charge of the Schroder ISF Euro Equity fund while Jamie Lowry will manage the Schroder ISF European Equity Alpha fund. Skanberg joined Schroders in 2004 and co-managed the Schroder Institutional European fund before taking full responsibility in 2007. Skanberg’s prior portfolio management experience gives us some comfort; he currently manages a £500m pot of institutional money and will continue to report to Rory Bateman, head of European institutional portfolios. Lowry joined Schroders in 2004 and had been assisting Gary Clarke with research on the Schroder ISF European Equity Alpha for the past three years but the appointment is Lowry’s first charge as portfolio manager which is a concern. Lowry will report to Ken Lambden - head of equities at Schroder - but is taking Clarke’s previous responsibility as head of European equity in the interim.
Balfour departs AXA Framlington
The manager of AXA Framlington Japan - Anja Balfour - has left the company; the fund had achieved a Superior rating from Morningstar analysts but will now be placed under review. The current co-manager – Chisako Hardie – will assume responsibility for the fund but will also continue to manage her current charge, AXA Framlington Japan Smaller Companies, which she has managed since it was launched in September 2006. Hardie is a seasoned investor with 17 years experience of the Japanese equity market and she enjoyed stints at Martin Currie and Scottish Widows Investment Partners before joining AXA Framlington in 2006.
Legg Mason plans to launch UCITS III credit fund
Legg Mason and its fixed income subsidiary Western Asset Management will launch the Legg Mason Western Asset Global Credit Absolute Return fund, subject to regulatory approval. The UCITS III, Dublin-domiciled vehicle will be managed by Dipankar Shewaram - the head of non-US credit at Western Asset Management – and he will have the capability to short credit and duration. He will aim to run a portfolio of investment grade and yield credit, which includes emerging market credit, but seeks to hold at least 50% in investment grade securities. Shewaram also has the mandate to invest up to 50% in non-investment grade securities but its exposure to foreign currency is limited to 20% of the portfolio.
Gartmore sheds £1.2 billion since Rambourg’s suspension
Gartmore has suffered asset outflows of £1.2 billion since the firm announced they were suspending a key manager in their group, Guillame Rambourg, on 30 March 2010. Around £834 million was redeemed from mutual funds and segregated mandates in April while another £380 million was withdrawn from hedge funds in May. Since being suspended for a breach of internal policy regarding directed trades, Rambourg returned to Gartmore at the end of April as an investment analyst. Given Rambourg is still under investigation by the FSA, he does not have the regulatory approval to manage money until Gartmore applies to the FSA to restore his approved persons status.
Morningstar Qualitative Ratings and Reports Issued
This Week Morningstar issued new qualitative ratings and reports on a number of funds available to UK investors this week, including BGF World Mining and First State Global Opportunities. Click here to see the full list.
