What follows are some of the highlights of this week's new fund launches, manager moves and company appointments.
Fund Launches
HSBC Global Asset Management has launched two new funds this week—the HSBC GIF Latin American Local Debt Fund and the HSBC GIF Asian Currencies Bond Fund. Both carry an annual management charge of 1.25% for retail investors with an expected total expense ratio of 1.60%. The minimum investment is $5,000.
The HSBC GIF Latin American Local Debt Fund invests primarily in a diversified portfolio of investment grade and non-investment grade securities issued by governments and corporations in Latin America. It is benchmarked against the JPM GBI EM Global Latin America index and managed by Octavio Ferreira, who also manages the HSBC GIF Brazil Bond Fund, is supported by the Latin American debt team.
The HSBC GIF Asian Currencies Bond Fund invests in a portfolio of Asian fixed income, including investment grade and non-investment grade securities, issued by governments and corporations, denominated in Asian currencies as well as US dollars. It uses a bespoke benchmark, Markit iBoxx ABF Pan Asian ex China and Hong Kong Index (USD, Luxembourg, net of tax), and is managed by Cecilia Chan, CIO of Fixed Income, Asia-Pacific and Alfred Mui, Investment Director of Fixed Income.
Barclays Wealth Investments has launched two trend funds, both of which are linked to the Barclays FTSE 100 Trend Total Return Index. The index adopts a rules-based approach to asset allocation, first identifying whether the market is in a positive, negative or neutral trend and then assessing market volatility to decide the level of exposure to the underlying index via either a long or a short position. If no trend is identified the fund automatically switches into cash, therefore aiming to protect investors from market falls.
The IFSL Barclays FTSE 100 Trend Fund uses a smart stop feature that aims to protect against market falls – a defensive allocation to cash is triggered if the index falls by 2.5% or more over a five business day rolling period. The IFSL Barclays FTSE Protector 80 Trend Fund allocates between the strategy and cash depending on market conditions; the fund is run with the overall goal of protecting 80% of the highest ever NAV price.
First State Investments has launched a Worldwide Equity Fund that is benchmarked against the MSCI All Country World Index, but First State says this index does not define the fund’s investible universe. The fund will be co-managed by Jonathan Asante and Stuart Paul and aims to provide investors with long-term capital appreciation by investing in a portfolio of up to 120 stocks domiciled in both developed and emerging markets.
Legal & General Investments will launch a Global Environmental Enterprises fund on June 16 in conjunction with Osmosis Investment Management, against whose climate solutions index the fund will be benchmarked. The fund will be managed by Robert Dowling and aims to profit from the three themes that make up the Osmosis Climate Solutions index: energy efficiency, low carbon production and water, waste and pollution control. The fund is structured as a global equity growth fund and is weighted roughly equally between the US (33%), Asia-Pacific (30%) and Europe (27%).
Marlborough Fund Managers plans to launch a UK equity income fund that targets a gross yield of 3.5% in the first year and average dividend growth of 10% per annum. The fund will focus on small- and mid-cap companies and be co-managed by Giles Hargreave, who manages the Marlborough Special Situations Fund, and Siddarth Chand Lall. The new offering will be benchmarked against the FTSE All-Share Index gross Dividend Yield and the IMA UK Equity Income Sector and will hold positions in around 75 companies in the FTSE 250, FTSE Small Cap, FTSE Fledgling and FTSE AIM indices, as well as some smaller companies in the FTSE 100.
Manager Moves
HSBC Global Asset Management has hired former JP Morgan AM manager Guy Dunham as head of fixed income. Dunham will be based in the London office and will lead the team responsible for a range fixed income portfolios that include the HSBC Corporate Bond, HSBC Gilt & Fixed Interest and HSBC GIF Global Bond funds. Dunham will report to Bill Maldonado, CIO, UK and Xavier Baraton, global CIO, fixed income, at HSBC GAM.
Dunham was most recently head of portfolio management for the Bank of International Settlements in Basel; other senior roles held include head of UK and European rates strategy at JP Morgan Asset Management and international portfolio manager at Lazard Asset Management.
Aberdeen Life has appointed Helen Webster as Chief Operating Officer, in which she will be responsible for overseeing operational management and service provision as well as working on strategic development of the business within Aberdeen Group. She will report to Alan Blakeley, Chief Executive of Aberdeen Life.
Prior to joining Aberdeen, Helen worked at Scottish Equitable and Aegon where she qualified as an actuary in 1998. More recently she was responsible for Product Development and Distribution Strategy at Aegon Asset Management where she was also a director of the firm’s offshore funds business.
Threadneedle has appointed two new analysts to its emerging markets team. Georgina Hellyer joins as an analyst for global emerging markets and Ilan Furman joins as an analyst for the Latin American markets. Hellyer started her new role at the beginning of this week, while Furman will join on August 1. Both will be part of the Asia (ex Japan) and Emerging Markets Equities team, headed by Vanessa Donegan. Hellyer joins from Aviva Investors where she was a Commodities and Technical Analyst in the Emerging Markets and Asian Equities team; Furman will be joining from Pictet, where he was part of the Emerging Markets Equities team, with a focus on the LatAm region, since 2008.
Raheel Altaf is to leave Fidelity International and his role as manager of the Fidelity Moneybuilder UK Index fund. Altaf joined Fidelity in 2002 and, following his departure, his fund will be run by the company’s Applied Research Group led by Gavin Boyle. Responsibility for the fund will be handed over at the start of July.
