Manager News – April 2016
Neptune Investment Management:
Following a review of its fund range, Neptune Investment Management is to merge is Greater China Income and Africa funds, as well as closing its South East Asia product. The Neptune Africa fund, which is managed by Shelley McKeaveney, will be merged into the Emerging Markets fund, run by Ewan Thompson, with McKeaveney leaving the group. The group’s Greater China Income fund will be merged into its Global Income fund, with Douglas Turnbull remaining with the firm as their Head of Chinese Equities and manager of their China fund. Furthermore, the Neptune South East Asia fund, which is also managed by Thompson and just £6.4 million in size, will be closed on the 29th April 2016, with unit-holders being given the choice of taking cash or moving into an alternative Neptune fund.
JO Hambro Capital Management Equities:
JO Hambro Capital Management (JOHCM) has soft-closed its Global Select and European Select Values funds, after assets under management have soared over the past 12 months. To discourage further inflows, the group has introduced a 5% initial fee on both funds, but this will not affect investors wanting to redeem their holdings, nor will this affect the way in which both products are managed.
Argonaut European Equities:
Ollie Russ, the manager of the FP Argonaut European Income and European Enhanced Income funds, is leaving the group to join Liontrust, taking these two funds with him. Russ co-founded Argonaut Capital Partners as a joint venture with Britannic Asset Management (later known as Resolution and then Ignis) in 2005 alongside Barry Norris. In August 2011 the joint venture with Ignis was terminated with Argonaut Capital Partners going their own way, but the latter retained a 40% minority stake in the business. As a result of Russ’ departure, Norris will assume full ownership of the group, taking over both Russ’ equity stake and the 40% minority holding of Ignis, which was acquired by Standard Life Investments in 2014. In addition Jonathan Polin, the former Chief Executive Officer at Sanlam and who played an instrumental role in the founding of Argonaut, has been appointed as Chairman of the firm.
Miton UK Value Opportunities:
George Godber and Georgina Hamilton are leaving Miton Group to run UK portfolios at Polar Capital, having joined the group in 2012 from Matterley; which was co-founded by Godber. Together they launched the Miton UK Value Opportunities fund in March 2013, which has grown to £869 million in size, circa 1/3rd of the group’s total assets under management. Godber has as notice period of 1 year whereas Hamilton has a six month notice period, with Miton yet to announce a successor on the fund but it has confirmed it is in the process of recruiting replacements.
Stuart Webster, formerly the Head of Property at New Star Asset Management, has joined MAN Group as their Head of Real Estate. Webster began his career at Chesterton prior to joining Estates & General in 2000, before moving to New Star in 2004. Following Henderson Global Investors’ acquisition of New Star in 2009, Webster moved to Brompton Asset Management, the venture formed by John Duffield; the founder of Jupiter Asset Management and New Star.
Jupiter Fixed Interest:
Jupiter Asset Management has appointed Katharine Dryer as Head of Investments for Fixed Income & Multi-Asset, having previously been a product specialist. Harry Richards and Hilary Blandy have been promoted to assistant fund manager and Head of Credit Research respectively. Richards will become the deputy manager on Ariel Bezalel’s Strategic Bond fund, having been working on the firm’s fixed income team since 2013. Blandy meanwhile will be responsible for the development of Jupiter’s credit team in her newly appointed role.
Jupiter UK Equities:
Dermot Murphy has been promoted to assistant fund manager on the Jupiter Income and UK Special Situations funds, both of which are managed by Ben Whitmore. Murphy joined the group from Fidelity Investments two years ago and has been working as an investment analyst on their UK Equity team ever since. He will support Whitmore with portfolio construction, client communication and he will also take over management of a number of segregated mandates.
Allianz BRIC Stars:
Allianz Global Investors is planning to widen the investment universe of its BRIC Stars fund, which is currently managed by Kunal Ghosh, converting it into a global emerging markets mandate. As part of this change the firm is proposing to change the fund’s name to Global Emerging Markets; subject to shareholder approval. Previously the fund had to invest at least 80% of its portfolio in the four BRIC (Brazil, Russia, India and China) economies, but this requirement will be lifted as part of this conversion.
Bill McQuaker, the Head of Multi-Asset and Henderson Global Investors, is leaving the group to join Fidelity International as a portfolio manager within its Solutions team. Paul O’Connor has taken over McQuaker’s responsibilities at Henderson, succeeding him as the Head of Multi-Asset, with management of the multi-asset fund range continuing as normal.
Fidelity’s appointment of McQuaker follows the departure of Trevor Greetham last year, who joined Royal London Asset Management (RLAM) to establish a multi-asset division at the group. McQuaker spent more than a decade at Henderson and during his time he held senior roles in their multi-manager, equities and multi-asset teams, having previously been a strategist with Credit Suisse.