Manager News – February 2017

Jupiter Growth & Income:

Jupiter Asset Management has appointed Alastair Gunn as lead manager of its Growth & Income fund following the departure of Chris Watt early last year.  Gunn has been at Jupiter since 2007 and is currently responsibility for the equity portion of their Distribution and Distribution & Growth funds, alongside co-manager Rhys Petheram, with the Growth & Income fund the first standalone product he has managed.

 

Investors Capital Trust PLC:

The board of the Investors Capital Trust has announced they are changing the name of the investment trust to F&C UK High Income Trust with immediate effect, to better reflect its investment objective.  Roger McNair, who has been responsible for the portfolio since March 2007 will continue running the portfolio.

 

Odey European Equity:

Feras Al-Chalabi, a partner and fund manager at Odey Asset Management, has left the group after almost two decades, with his European franchise being handed to Oliver Kelton.  Al-Chalabi joined the firm in 1999 as a media and technology analyst in 1999 before being made a fund manager in 2003 and then partner in 2005.  He had been running the Odey Allegra European and European Absolute Return funds since 2003 and 2013 respectively, with both mandates passing to Kelton; who joined the group in 2015 from Waverton.

 

Strategic Equity Capital PLC:

Stuart Widdowson has stepped down from GVQ Investment Management, where he managed the Strategic Equity Capital investment trust.  Assistant manager Jeff Harris will take over the trust alongside Adam Khanbhai, who has been promoted from his role as senior analyst.  Harris is also assistant manager to GVQ’s two open-ended funds; GVQ UK focus and GVQ Opportunities, which are headed by GVQ chief executive, Jamie Seaton.

 

RWC Partners Absolute Return:

The RWC Asia Absolute Alpha fund is to be closed on the 9th February 2017 resulting in the departure of manager Garret Mallal.  Due to the size of the fund, $14.3 million, it is no longer considered viable to run.  Originally launched as the RWC Global Innovation Absolute Alpha fund in 2010, the fund was previously a global long/short equity strategy.  In February 2016, the name and mandate of the strategy was changed to the RWC Asia Absolute Alpha fund.

 

BlackRock UK Equity:

Bob Shearer, co-manager of the BlackRock North American Income Trust, has notified BlackRock of his intention to retire from the industry in August 2017.  Co-manager Tony DeSpirito has been identified as Shearer’s successor and they will work together to ensure an orderly handover.

 

Fidelity MoneyBuilder Global:

Fidelity plans to merge their MoneyBuilder Global fund into the the Fidelity Open World fund on the 7th April 2017 by way of a Scheme of Arrangement.  Fidelity have indicated that this merger will lead to decreased charges for unit holders due to increased economies of scale.

 

Sanlam:

Sanlam Four founder Tom Carroll is to step down from fund management to focus on the expansion of the business.  Carroll was previously the lead manager on the group’s UK Active Equity fund, however Chris Rodgers has taken over responsibility for this fund, with Jakub Vojtek the deputy manager.