Manager moves dominated the fund industry headlines during the week April 4-8, with several swapping positions both within their current firms and between competitors.
Personnel Movers and Shakers
Stephen Snowden, fund manager of the Old Mutual Corporate Bond fund, is to leave OMAM to join Aegon Asset Management in July. Following the news, Morningstar’s Superior rating has been placed under review and OBSR, a Morningstar company, has removed the fund, which was rated AA, from its Fund Ratings Service.
Christine Johnson, who already manages the Old Mutual Dynamic Bond fund, will assume interim responsibility for the corporate bond fund portfolio while the group recruits a permanent manager to replace Snowden. Morningstar analysts will continue to monitor the fund through regular meetings with OMAM’s fixed income team over the coming quarters.
Snowden’s exact position at Aegon is yet to be confirmed but he will rpeort to Head of Fixed Income David Roberts.
Aegon this week confirmed COO Adrian Grace has taken over as CEO following the departure of earlier this year of Otto Thoresen. The pensions provider and manager also announced the membership of its new executive committee.
AXA Framlington Health fund manager Deane Donnigan is to leave the firm, prompting OBSR analysts to suspend the fund’s AA Rating. The fund’s management will pass to Gemma Game, an established member of the team who is already the named portfolio manager of the Luxembourg-domiciled AXA WF Framlington Health fund. Our analysts plan to meet Game in the near future to discuss her plans for the fund and for the healthcare team.
Fidelity International has announced that Robert Rowland is to swap his role as manager of the Fidelity Japan fund and other Japanese equity funds for a mentoring position in the company’s Asia Pacific research team.
Rowland has managed the Fidelity Japan fund since August 2003. The management of his funds will pass to his colleague June-Yon Kim in May. Kim currently runs the Fidelity FAST Japan fund and has been with Fidelity since 1997. Fidelity said that under the management of Kim, investors can expect a number of changes, such as a more concentrated portfolio with fewer holdings and a higher concentration among the top 20 holdings.
Fidelity also this week announced the expansion of its fixed income team in London. The group confirmed that Jamie Stuttard, whose departure from Schroders was announced a fortnight ago, will join its London office as fixed income portfolio manager in June. In addition to Stuttard’s appointment, Fidelity announced three new bond analysts: Neil Beddall, formerly of Barclays Capital; Shaunn Griffiths, formerly of ING; and Lisa MacLachlan, formerly of Aberdeen AM.
Martin Currie has appointed Andrew Graham as co-manager of its Asia Pacific fund. Graham joins Jason McCay and Richard Evans, whose management of the fund has earned it a Superior Morningstar rating. Graham has been with Martin Currie for almost a year, having joined from Putnam Investments in May 2010, and holds the current position of portfolio manager with the Asia team.
Willian Low is to leave BlackRock after 15 years to join Scottish Widows Investment Partnership as Head of Global Equities within its international equities team. Low will report to Andrew November, Director of Equities, who said of the appointment: “William’s knowledge and depth of experience in global equity asset management complements our existing capability, a combination which we believe offers an exciting international equity proposition.”
Threadneedle has appointed Daniel Isidori as fund manager within its Latin America team. Isidori, who joins from Baring Asset Management, where he co-managed a $1 billion Baring Latin America active equity fund, will take over as lead manager of the £1.2 billion Threadneedle Latin America fund as part of the Asia (ex Japan) and Global Emerging Markets Equities team. Isidori, an Argentinean, also formerly managed a $200 million Brazil active equity fund and an Argentinean active equity fund for HSBC.
Gartmore’s outgoing Head of Credit John Anderson is to join JPMorgan Asset Management on its Fixed Income team. Anderson will manage JPM’s £52.8 million Sterling Corporate Bond fund and will report to Lisa Coleman. At Gartmore, Anderson managed the Gartmore Corporate Bond fund, the Fixed Interest fund and the SICAV European Corporate Bond fund.
Jasper Berens, Head of UK Retail Sales at JPM said: “John is well regarded by clients in the UK retail market and his track record is very strong.”
First State has expanded its European infrastructure team, appointing Union Fenosa’s Tomas Pedraza as Director, former-Norsk Hydro board member Trygve Refvem as External Senior Adviser, and Germán Gonzalez, formerly of Dresdner Kleinwort’s Spanish business, as Senior Adviser. Niall Mills, Head of European Infrastructure Investments at First State said the expansion comes in response to an uptick in activity within European infrastructure.
Fund Movers and Shakers
Aberdeen Asset Management is to launch a portfolio of UCITS III fund on May 1. The fund, to be named the Aberdeen MM Diversified Alpha fund, will be evolved from the existing £7.9 million Aberdeen MM Multi Asset Growth fund, and the annual management charge will drop from 1.5% to 1.25%. The Aberdeen multi-manager team, jointly led by Aidan Kearney and Graham Duce, will continue to manage the fund.
