Manager Changes - June 2008 Skandia Global Best Ideas:
Skandia have awarded the Asia Pacific mandate of their Global Best Ideas portfolio to Treasury Asia. Hugh Young, of Aberdeen Asset Management, was the holder of the £30 million mandate and Skandia insist this decision was a not down to under-performance but for qualitative purposes.
New Star Managed Distribution:
New Star has transferred the running of the equity portion of the Managed Distribution from Toby Thompson to Trevor Green. Green left RCM Investment Managers last month and will be making substantial changes in an attempt to move the fund out of the bottom quartile. Thompson will be staying at the group and will focus on his under-performing Higher Income fund. James Gledhill will continue to run the fixed interest component of the Managed Distribution fund.
Invesco Perpetual UK Equity:
Ed Burke, the manager of the Invesco Perpetual UK Growth and UK Aggressive funds, has decided to take early retirement. Responsibility of the UK Growth fund will pass to Martin Walker, and Stephen Anness will take over as manager of the UK Aggressive fund. Walker also runs the UK Opportunities fund but this will be merged into the larger UK Growth fund, and the UK Focus fund (currently managed by Walker) will be merged into the UK Aggressive fund.
Aberdeen Global Emerging Markets:
Edward Conroy has left Aberdeen Asset Management, where he was part of their Global Emerging Markets team, in preference of HSBC. Conray will take up a role on one of the HSBC Russia offerings, including the GIF Russia Equity fund, which is currently managed by Douglas Helfer.
Old Mutual Asia Select:
Suresh Sadasivan, manager of the Old Mutual Asian Select fund, is leaving Old Mutual Asset Management although he will continue managing this fund for 6 months during his notice period.
Old Mutual Multi-Asset Changes:
Andrew Tunks, Old Mutual’s Head of Fixed Interest and Macro teams, is to take over as manager of the Old Mutual Select Managed and Global Dynamic funds from Tracey Lander. The Global Strategic Bond fund, currently managed by Tunks will pass to Richard Stevens, who has been working as Tunks’ deputy since joining from Legal & General last year.
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