Manager News – July 2016
BlackRock UK Smaller Companies:
Lucy Marmion, the co-manager of the BlackRock UK Smaller Companies fund, has left the company to pursue another role within the industry. Roland Arnold, who has been the co-manager alongside Marmion since March 2015, will take full control of the portfolio, with BlackRock confirming there will be no changes to the investment process employed or objective of the fund.
Neptune Fixed Income:
Neptune Investment Management has hired Stewart Cowley to work as a fixed income consultant, advising the group’s Chief Executive Officer (CEO) Robin Geffen on the fixed income element of his Balanced fund. Cowley, who joins in September 2016, will also sit on the investment committee of Neptune’s wealth management business, which is expected to be launched later this year. Previously Cowley worked at Old Mutual Global Investors (OMGI) where he managed their Global Strategic Bond fund, before leaving the firm in June 2015.
Standard Life Emerging Markets Debt:
Standard Life Investments is closing its Emerging Market Debt Unconstrained fund, which has been managed by Richard House since its launch in April 2015, following the redemption of a cornerstone investor. Assets under management fell from circa £50 million to just £10 million following this withdrawal, making the fund unviable to continue operating at this level. As such, the group has asked permission from the regulator to terminate the fund.
House will remain with the firm and continues to manage their flagship Emerging Markets Debt fund, which he has done so October 2012, having joined the company that year from Threadneedle. Despite failing to maintain sufficient assets, Standard Life believes there is investor demand for such a product and is looking to launch a SICAV version for European based investors.
Schroders Income Maximiser:
Following a re-structuring of its management teams, the Structured Fund Management Team at Schroders has been merged with their Portfolio Solutions Team. Thomas See, who worked on the Structured Fund Management Team and architect of their Income Maximiser fund range, is leaving the group following this re-organisation, with Mike Hodgson taking responsibility for this fund range from See. Hodgson joined the firm in 2011 from ABN Amro where he was their global head of equity derivatives structuring and fund derivatives trading.