Manager News – January 2016
Kames Fixed Interest:
Kames Capital has appointed Juan Valenzuela and Colin Finlayson as co-managers of its Strategic Bond and Strategic Global Bond funds respectively. As a result of these changes, Valenzuela will become the co-manager of the UK domiciled Strategic Bond fund alongside incumbent managers David Roberts and Philip Milburn. Valenzuela joined Kames in October 2015 from Alliance Trust Investments, where he had been responsible for their Dynamic Bond fund.
Finlayson will co-manage the group’s Dublin domiciled Strategic Global Bond fund, which is also currently managed by Roberts and Milburn, with Valenzuela acting as the supporting manager. Currently Finlayson is the supporting manager of the Strategic Bond fund, a role he will maintain and he will also continue to co-manage the Kames Absolute Return Bond fund alongside Stephen Snowden; which he has done so since September 2011.
Newton Global Real Return:
Following the departure of James Harries in December 2015, Newton has appointed Aron Pataki as lead manager of its Global Real Return fund. Pataki has served as the fund’s deputy manager during Harries tenure and he will now be supported by Suzanne Hutchins, who will continue in her role on the group’s Real Return team; which is headed by Iain Stewart.
Responsibility for managing the Alquity Africa fund has passed to Roberto Lampl, formerly of Barings, following the departure of former David McIlroy; who had been in charge of the fund since August 2010. In addition to the change of manager, the group has also given further responsibilities to Mike Sell as director of the investment process, who will continue in his role as Head of Asian Investments, joining the firm’s investment committee as a result. As Head of Asian Investments, Sell is in charge of the Alquity Asia fund and oversees their Indian Subcontinent fund as well.
Following a strategic review, Neptune Investment Management is closing its Cautious Managed and Defensive Managed funds on the 29th January 2016 because their size is deemed sub-scale and uneconomical to continue running. Whilst performance has been relatively strong, combined the funds have less than £1 million of assets, with unit-holders being given the option of switching to an alternative Neptune fund or taking the proceeds as cash. The funds were managed by Ian Sealey, who has left the firm as a result, having joined Neptune in September 2012 as an investment analyst before being promoted to a fund manager in January 2013.
M&G Global Dividend:
Simon Bailey has stepped down as deputy manager of the M&G Global Dividend fund, which is managed by Stuart Rhodes, moving internally to the group’s corporate governance team. Bailey had supported Rhodes for the past six years, but his duties will be taken over by John Weavers, who has been at the firm since 2007 and co-manages their North American Dividend fund alongside Rhodes.
Henderson World Select:
Henderson Global Investors has hired former co-head of Baillie Gifford’s North American desk Ian Tabberer to run two of its global equity strategies, where he will work alongside incumbent manager Matthew Beesley. Tabberer left Baillie Gifford in May 2015 and at Henderson he will co-manage their Horizon Global Opportunities and World Select funds.
Schroders Global Property Income Maximiser:
Schroders Investments is set to alter the name and investment objective of its Global Property Income Maximiser fund on the 19thFebruary 2016. Currently the fund invests in a portfolio of real estate investment trusts (REITs), equity and equity related securities on a global basis, with a call option overlay then applied to enhance its yield. The proposed changes are stopping the use of options, called the Maximiser Overlay, and changing the fund’s name to Global Real Estate Securities Income to reflect its new strategy.
Standard Life Property:
Following the acquisition of Ignis Asset Management in 2014, Standard Life Investments is merging two of its UK property focused funds as it completes a set of closures stemming from this purchase. The group plans to merge the Standard Life Ignis UK Property fund into the Standard Life UK Property fund in May 2016, which will be preceded by administrative changes to the former Ignis fund to make this task easier. These changes including shifting the Ignis fund to single pricing from dual pricing, thus bringing it in-line with other funds, changing the fund’s custodian and launching new share classes; with all costs borne by Standard Life.
Investec Global Value Equity:
Alastair Mundy has stepped down as manager of the Investec GSF Global Value Equity fund following the appointment of two lead managers by Investec. The fund’s current co-managers Mark Wynne-Jones and David Lynch are also stepping down from the fund, which was launched in November 2011 by Mundy and Wynne-Jones. Replacing the trio are Alessandro Dicorrado and Steve Woolley, who have both been promoted internally having worked as investment analysts at the firm.
Mundy, who is head of contrarian investing at Investec, will remain the lead manager of several UK domiciled funds, including their UK Special Situations and UK Total Return funds, whilst Wynne-Jones and Lynch will continue to oversee the group’s American funds.
Rathbone UK Equity:
Rathbone’s Chief Investment Officer (CIO), Julian Chillingworth, is to relinquish his responsibilities as co-manager of the group’s Recovery and Blue Chip Income and Growth funds so he can focus on his CIO duties. Alan Dobbie, the Blue Chip Income and Growth fund’s co-manager, will take over as lead manager on the portfolio, with Alexandra Jackson and Jo Rands taking full control of the Recovery fund.
Elsewhere, Elizabeth Davis and David Harrison have been promoted to assistant managers within the firm’s Income team. Davis will specifically focus on the flagship Income fund, which is managed by Carl Stick, whereas Harrison will support David Coombs on Rathbone’s multi-asset range. Noelle Cazalis has also been made an assistant fund manager, working on the group’s Ethical Bond and Strategic Bond funds, supporting lead manager Bryn Jones.