Manager News – December 2016
Cartesian Capital Partners:
Cartesian Capital Partners is set to close its doors in January 2017, with two of its three UK equity funds to be merged into existing Sanditon Asset Management funds. The Cartesian UK Opportunities fund will be merged into Julie Dean’s Sanditon UK fund, with the Cartesian UK Absolute Alpha fund to be amalgamated into the Sanditon UK Select fund; which is managed by Tim Russell. Meanwhile, the Cartesian UK Enhanced Alpha fund, which is just £2.5 million in size, is to be wound up, with proceeds returned to existing investors.
Aberdeen Fixed Interest:
Aberdeen Asset Management has been hit by a string of departures on its US Fixed Income team, including Neil Moriarty; their Head of US Core Fixed Income. Other individuals to leave the firm include Stephen Cianci; Head of Core Plus, Michael Degernes; Head of Municipals and Stefan Martin; a senior investment manager. All four left the group on the 2nd December 2016, with their duties to be taken on by the broader fixed income team, which will be overseen by Charles Tan; Aberdeen’s Head of North American Fixed Income.
Henderson Global Growth:
Ian Warmerdam has ended his circa one year long sabbatical and is returning to his role at Henderson Global Investors in January 2017, resuming management for their Global Growth and Gartmore Global Growth funds. During his absence, co-manager Ronan Kelleher assumed responsibility for the two funds and on Warmerdam’s return, Kelleher will remain co-manager on the two mandates.
Kames European Equity:
Kames Capital is to shut its second fund as part of its rationalisation programme, with its European Equity fund due to be closed on the 3rd February 2017; having already closed its American Equity fund during the summer of 2016. The managers of the European Equity fund; Stuart Fraser and Mark Peden, will remain with the group and will continue running other mandates.
Standard Life Global Smaller Companies:
Harry Nimmo has announced he will no longer co-manage the Standard Life Global Smaller Companies fund, with Alan Rowsell; who has been working alongside Nimmo since the fund was launched in January 2012, becoming the sole manager. Nimmo will remain with the firm and will continue running their UK Smaller Companies fund and UK Smaller Companies investment trust.
Liontrust has agreed to purchase the entire share capital of Alliance Trust’s investment management division, resulting in Alliance Trust’s sustainable investment team; lead by Peter Michaels; transferring to Liontrust including the 11 ethical mandates the team currently manages. The sale follows a strategic review of Alliance Trust’s business and will see the group focus on its investment trust and savings platform.
Standard Life Investments:
Standard Life Investments has hired Archie Struthers from Aberdeen Asset Management as its new Head of Investments. Struthers, who departed Aberdeen in July 2016 where he was their Global Head of Investment Solutions, will join the company on the 9th January 2017 and will report to Rod Paris; the group’s Chief Investment Officer (CIO), succeeding Bill Lambert who is expected to retire in March 2017.
Barings Global Equity:
Jean-Louis Scandella has left Barings after two years at the firm, where he was their Head of Global Equity and managed their Emerging Markets and Global Emerging Markets funds. Responsibility for these two funds will pass to existing co-managers William Palmer and Isabelle Irish. Barings are yet to confirm who will succeed Scandella as their Head of Global Equity and take over his duties on the firm’s investment committee and global sector team.