Changes To Martin Currie Fund Line-up
As a result of a strategic review the Edinburgh-based manager has announced it will be strengthening its long/short fund suite and streamlining its UK range in favour of global equities. The new funds being launched are Global Resources Absolute Alpha and Japan Absolute Alpha, to be run by existing team members and European Absolute Alpha to be managed by the recently-acquired team from Sofaer Capital.
Additionally, Martin Currie IF UK Equity Income will change its mandate to become a Global Equity Income fund and Alan Porter will manage the fund. The change is in recognition of increased investor demand for global equity income, combined with a poorly-performing UK equity income fund. In light of the change Jeff Saunders, their UK Equity manager, will be leaving the firm.
In a busy week for Martin Currie, the firm also announced that it will launch a Latin America equity fund later this year to be managed by Jeff Casson. Casson is one of the recent additions who joins the group from Scottish Widows Investment Partners (SWIP).
Cazenove Adds To UK Equity Team
This week Cazenove Capital announced that John Warren will be joining as a fund manager on its UK equity team. Warren makes the jump across from the sell-side where he was most recently a small/mid-cap specialist at UBS. Warren will join in September and in his new role will work with Paul Marriage on Cazenove Absolute UK Dynamic, Cazenove UK Smaller Companies and Cazenove UK Dynamic Absolute Return. The appointment comes after the recent departure of Neil Pegrum who is heading to Soros Fund Management.
Newton Strengthens Global Equities Team
Terry Cole will be joining Newton’s global equity team from F&C where he was an Investment Director. During his stint at F&C he managed the F&C Global Growth Fund from the start of 2009 and since January 2007 was deputy for F&C International Heritage. Cole joins in September. At the time of writing Newton has yet to confirm which, if any, fund(s) Cole will manage.
F&C has acted quickly and announced that Sophie Horsfall will be acting manager on Global Growth until a replacement for Coles is brought on board. Horsfall is no stranger to the fund, having managed it from February 2002 to January 2009.
SLI Outsources Japan Equity Management
Standard Life Investments (SLI) has announced a tie-up with Japanese asset manager Chuo Mitsui that will result in the Japanese firm taking on management responsibilities for SLI’s Japanese assets. As part of the deal SLI will advise Chuo Mitsui on approximately £800m of the firm’s global equity funds. From October, Chuo Mitsui will assume responsibility for SLI’s Japan Equity Growth fund, previously managed by Alistair Way. SLI has confirmed there will be no staff cuts as a result and that Chuo Mitsui will base two analysts in Edinburgh. Investors will be hoping that the changes bring better fortunes on the performance front – at June 2010 the fund is third quartile in its Morningstar Japan Large-Cap Equity category over three and five years.
Waverton European Adds Co-Manager
Edward Novis has joined JO Hambro Investment Management as co-manager for its Waverton European fund. Norris will run the fund alongside Oliver Kelton who has recently taken over from Katrina Norris. Novis was most recently at Marble Asset Management where he was a manager on the Pan European equity team.
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 BGF Latin American, BGF World Healthscience, Aberdeen UK Equity, Aberdeen European Smaller Companies, four bond funds from Invesco Perpetual and three of Gartmore’s Multi-Manager range including MM Cautious, MM Balanced and MM Active. Click here to see the full list.
