Manager News – June 2017
Schroders UK Smaller Companies:
Schroders have announced that Paul Marriage and John Warren are leaving the group in the fourth quarter of 2017 to start up their own business, Tellworth Investments, taking the Schroders UK Dynamic Absolute Return fund with them. The duo will step down from the UK Dynamic Smaller Companies fund and a successor will be announced in due course.
Invesco Perpetual Latin American:
From 30th June Nicholas Mason will be promoted to co-manager of the Invesco Perpetual Latin American fund, alongside Dean Newman, their Head of Emerging Markets Equities. Mason takes on the role in addition to his management responsibilities on the group’s Emerging European, Emerging Europe Equity, Eastern Europe and Russian Equity funds.
Schroders UK Dynamic Smaller Companies:
Luke Biermann is set to take over the Schroders UK Dynamic Smaller Companies fund after the announced departures of Paul Marriage and John Warren, which are taking place later this year. Biermann currently manages the Schroders European Smaller Companies fund, working alongside Andy Brough and the wider UK & European SMID Cap team.
M&G European Select:
M&G Investments has appointed Phil Cliff as the manager of their European Select fund, which will take place at the beginning of July 2017. There will be no change to the objective or investment process of the fund, however Cliff’s approach will emphasise companies with sustainable competitive advantages that re-invest capital at high rates of return.
Jim Stride is set to retire from AXA Investment Managers in June 2017, where he has run the group’s Distribution fund for 33 years. Jamie Forbes-Wilson and Matthew Huddart, who have been co-managers on the Distribution range with Stride since February 2016, will take charge of the fund.
First State Global Resources:
Joanne Warner, Head of Global Resources at First State Investments, will retire from fund management in August 2017 after 20 years at the firm and he will be succeeded by Todd Warren on the 1st July 2017. Tal Lomnitzer, a portfolio manager at First State, will become Deputy Head of Global Resources at the firm, having been the deputy manager to Warner since 2011.
Old Mutual Global Investors Emerging Markets Team:
Nick Payne, Salman Siddiqui and Liz Fernandes, formerly of Nomura Asset Management, will form part of Old Mutual Global Investors’ new global emerging markets equity desk. The trio, headed by Payne, have worked together for three years on the Nomura Global Emerging Markets Equity fund. The hires mean the group’s existing emerging markets fund, which has been outsourced to Fisher Asset Management for the last six years, will be brought in-house next month. The mandate of the Old Mutual Global Emerging Markets fund will remain unchanged, although the fund’s annual management charge will be reduced as a result.
JP Morgan Global Allocation
In July 2017, JP Morgan Asset Management will close their Global Allocation fund after it dropped below the group’s liquidity threshold, with unit holders given the option of receiving cash or investing into another JP Morgan fund. Overseeing the fund are Talib Sheikh and James Elliot, who co-run the group’s Global Macro Opportunities fund with Shrenick Shah, who will remain with the firm after the Global Allocation fund’s closure.
Investec UK Smaller Companies:
Matt Evans has joined Investec to run their UK Smaller Companies fund, which will then become part of the firm’s Quality range. Formerly he was at Columbia Threadneedle where he co-managed their UK Smaller Companies and UK Mid 250 funds since December 2013, as well as a number of institutional mandates.
BlackRock Greater Europe Investment Trust:
BlackRock’s Vincent Devlin is stepping down from all portfolio management duties within BlackRock’s European Equity team, with co-managers Stefan Gries and Sam Vecht taking responsibility for the mandates he ran, including the Greater Europe investment trust.
Kames Absolute Return:
David Griffiths is stepping down from the Kames UK Equity Absolute Return fund and two market neutral mandates, with co-managers David Pringle and Malcolm McPartlin taking responsibility for the three portfolios. The investment objectives will remain unchanged and Pringle and McPartlin will continue to be supported by the wider UK Equity team; which is led by Stephen Adams.