Manager News – June 2016
Standard Life Fixed Interest:
Standard Life Investments (SLI) has made a number of changes to its global credit team following the departure of David Ennett, who had been the group’s Head of European High Yield and manager of their European High Yield and Higher Income funds. Fraser Duff will take responsibility for these funds, as well as becoming co-manager on their Total Return Credit fund, which is run by a four-member team. Duff has been working at Standard Life for five years as a credit analyst for the chemical and pharmaceutical sectors.
Kames High Yield:
David Ennett will be joining Kames Capital in September 2016 and will become their Head of High Yield and co-manager of the firm’s High Yield Bond and High Yield Global Bond funds, alongside Philip Milburn. Milburn is scheduled to return to the group in the third quarter of 2016 after a period of poor health, but in the interim these funds will continue to be managed by David Roberts.
Newton Asian Income:
Newton Investment Management has abandoned its team based approach on its Asian Income fund, appointing Zoe Kan as the lead manager instead, with support from Rob Marshall-Lee and Caroline Keen. Kan has been working at the group for 15 years and has been involved with the management of their Asian Income fund since it was launched in November 2005. Previously the fund was headed up by Jason Pidcock from inception until his departure in May 2015, at which point Newton introduced a team based approach.
Martin Harvey of Columbia Threadneedle joins Wellington Management as a fixed income portfolio manager, having run the Columbia Threadneedle Global Bond fund from June 2010, as well as being in charge of their European Bond and Global Opportunities Bond funds. Harvey spent 10 years at the firm and prior to joining Threadneedle he was a research assistant at HSBC.
Old Mutual Absolute Return:
Russ Oxley is leaving Old Mutual Global Investors (OMGI) having joined them from Ignis Asset Management just over a year ago. Oxley joined OMGI in April 2015 with his team from Ignis and launched the Old Mutual Absolute Return Government Bond fund shortly afterwards, which was seeded with £100 million, then surpassed £500 million within two months. The fund will be taken over by Adam Purzitsky and Paul Shanta, who have also been appointed co-Heads of the group’s Absolute Return Government Bond team, with there being no changes to the fund’s focus or investment process.
City Merchants High Yield Trust:
Deputy manager of the City Merchants High Yield investment trust, Rhys Davies, has been promoted to co-manager, working alongside Paul Causer and Paul Read. Davies has been the deputy manager since 2014, having spent over 10 years as an investment analyst at Invesco Perpetual; who manage the trust’s portfolio on an out-sourced basis for City Merchants.
Royal London UK Smaller Companies:
Royal London Asset Management (RLAM) has hired former AXA Framlington manager Henry Lawson to take over its UK Smaller Companies fund. Lawson recently left AXA Framlington and is due to join RLAM in September 2016, replacing Victoria Stewart who is leaving the group after 17 years at the company.
Adrian Gosden, the co-manager of the Artemis High Income and Income funds, is leaving the firm at the end of June 2016 after 13 years with the asset manager. Adrian Frost will take over as lead manager on the Income fund whilst Alex Ralph will become lead manager on the High Income fund, both of whom will be supported by the wider Income team at Artemis; which Frost heads up.
AXA US Equity:
AXA Investment Managers has hired David Shaw from Aerion Fund Management to become deputy manager on its American Growth fund, which is currently manged by Stephen Kelly; the group’s Head of US Strategies. In addition to this fund, Shaw will also become deputy manager on a number of segregated mandates and offshore funds, having spent 13 years co-managing the North American Equity portfolio at Aerion.
Aviva Investors Pan European Equities:
Aviva Investors has made a number of changes to its UK and European equity teams following the departure of Simon Young and Mark Denham; the Head of Pan European Equities. Young had been managing their UK Equity fund since joining the group from BlackRock in 2015, but responsibility will pass to Chris Murphy and Trevor Green as co-managers. James Balfour has been promoted as co-manager on the Aviva UK Equity Income fund, working alongside incumbent manager Murphy.
Denham had been working at Aviva for 13 years but following his departure, Frédéric Tassin; Head of European Equity, will take charge of the firm’s European teams in Paris and London, with Ed Kevis taking responsibility for all European portfolios managed by the London team. Denham is joining Carmignac as their Head of European Equities in October 2016, where he will take over their Grande Europe and Euro-Patrimoine funds.