Aberdeen Launches Latin American Income-Focused Investment Trust
The closed-end fund offered in conjunction with Canaccord will hold equities and bonds and target an annual yield of 4.25%. The trust will be jointly managed by Brett Diment and Devan Kaloo who head the firm’s emerging markets debt and equities teams respectively. Initially the asset allocation will be 60% equity and 40% fixed income, with fixed income expected to generate almost three quarters of the income generated by the trust. The investment will be listed in Jersey, have a 1% management fee and distribute income semi-annually.
JP Morgan Announce Global Emerging Markets Trust
The closed-end fund will be launched at the end of July and will be managed by Richard Titherngton, CIO for global emerging markets at JP Morgan. The firm is targeting $50 million with an overall limit of £200 million. The trust will target both growth and income and has a yield target of 4%, from a portfolio of 50-70 with an emphasis on mid-caps. This is the second emerging markets related investment trust launched by JP Morgan in 2010, following the march launch of JP Morgan Brazil investment trust. One element of the trust to note is the revenue reserve element that allows up to 15% of annual revenues to be held back to protect future dividends.
Ex New Star Duo Launch Income Fund
Phil Roantree and Stephen Whittaker are to launch an income fund through Querns Asst Managers and will seed the fund with $5 million of their own money. The Querns Income First Fund is aiming for a yield of 6.2% on its gross shares and expected to have an initial allocation of 60% equities and 40% fixed interest. The fund will have the flexibility to reduce bond exposure to 20% or conversely increase equity exposure to 80%. The fund has a tax-elected fund structure (TEF). TEF regulations were announced as part of 2009 budget and allow a fund to pay out both interest from bond and share dividends gross – meaning investors are treated as if they are holding the assets directly. The fund’s launch period will be from 14-27 June. And the minimum investment is £1,000 and the AMC will be 0.75%.
F&C Replaces Manager on European Asset Trust
Concerns over the closed-end fund’s long-term performance has resulted in F&C replacing Crispen Longden with Paras Anand, the firm’s Head of European Equities. Longden had managed the £78 million trust since 2000 and will remain at F&C in his role of head of continental small-caps.
Jupiter Spreads its Wings into Multi-Asset Space
Jupiter has poached ex-RWC pair Miles Geldard and Lee Manzi to manage new global asset and multi-asset strategies.. Geldard starts at the firm this week and Manzi will follow in autumn. The duo has worked together for over a decade, first at JP Morgan and most recently RWC. This expansion of investment capabilities for Jupiter is timely given the firm’s intention to float the business shortly.
DWS Fixed Interest Staffer Departs
Mark Dowding, lead manager of the £100 million Luxembourg domiciled DWS Invest Diversified Income Strategy left the group at the end of May. The remaining members of the team, Gordon Ross, Simon Chennell and Roberto Coronado remain in place. Ross is the new lead manager for the fund, while Chennell will act as his deputy. Prior to his resignation Dowding was also head of fixed income at DB Advisors, the institutional funds management arm of Deutsche Bank, a role that has been taken by Georg Schuh.
Morningstar Qualitative Ratings and Reports Issued This Week
Morningstar issued new and updated qualitative ratings and reports on a number of funds available to UK investors this week, including Fidelity Funds – Euro Blue Chip, Scottish Widows Euroland, Investec American and Morgan Stanley INVF European Equity Alpha. Click here to see the full list.
