Aviva Property Fund to Merge
Shareholders in the Aviva Investors International Property fund have approved the group’s plan to merge the assets. The vehicle was formerly known as the Henderson International Property Trust and before that, the New Star International Property Trust. The fund’s European assets will be moved into the Aviva European Property Trust and combined with the existing properties there, while Asia Pacific assets will go to the Aviva Asian Property Trust. Investors in the Aviva International fund will thus end up with two separate investments in Aviva European and Asia-Pacific property funds. The merger is expected to be completed on January 21.
AXA Framlington Hires Susan Sternglass Noble of CQS to Run Financials Fund
AXA Framlington has hired Susan Sternglass Noble from hedge fund group CQS to run the AXA Framlington Financials fund. Sternglass Noble will replace Richard Peirson. The fund was formerly rated A by OBSR (a Morningstar company) but the rating was removed in July 2010 on the back of reduced conviction in the fund’s structure.
JPM Soft Closes Global Natural Resources Fund
It was reported this week that JPM has soft closed the Luxembourg domiciled JPM Global Natural Resources fund. The UK domiciled JPM Natural Resources fund remains open, although the two funds are virtually identical. Excessive assets can hamper fund performance, so we are generally pleased when funds are soft-closed before they get too large. Both the UK and Luxembourg domiciled versions of the fund are rated Superior by Morningstar and AA by OBSR (a Morningstar company). To see what OBSR and Morningstar analysts think, click here for the UK version and here for the Luxembourg version.
Schroders Closes Shares Classes on Asian Total Return Fund
Schroders has reportedly closed several share classes of the Schroder ISF Asian Total Return fund. Schroders stated intention was to protect the fund’s performance for existing investors. Excessive assets can harm performance so we are generally pleased when funds are soft-closed before they get too large. Although we would point out that the fund’s C and I share classes remain open.
Simon Chennell Resigns from DWS Invest Diversified Fixed Income
Simon Chennell, co-manager and co-founder of the DWS Invest Diversified Fixed Income Strategy, has resigned from DB Advisors. OBSR, a Morningstar company, has removed the fund’s OBSR A Rating and withdrawn it from their Global Ratings Service. We acknowledge the diversified nature of decision-making in the process, but we note that Mr Chennell’s resignation comes soon after the departure of former Head of Fixed Income Mark Dowding, who had led the construction and managed the product. As a result, conviction in the team overseeing the process waned and thus the rating was removed.
