Manager News – November 2016

Sanford DeLand Asset Management:

Former Schroders manager Rosemary Banyard has joined boutique Sanford DeLand Asset Management as an investment director. She will support Keith Ashworth-Lord, the founder of the firm, in the management of the CFP SDL UK Buffettology fund.  Banyard worked at Schroders from 1997 until her departure in October 2015, having been co-manager on their UK Mid 250 and UK Smaller Companies funds, as part of the wider Pan European Mid & Small Cap Team at Schroders.


M&G High Income Trust:

The management of the assets held within the M&G High Income investment trust is to be transferred to JP Morgan when the fixed-term life expectancy comes up for renewal in March 2017. Shareholders in the trust, which is currently managed by Richard Hughes, will be offered the choice of rolling over into the M&G Strategic Corporate Bond or M&G Dividend funds, or alternatively they can elect for a cash exit; if they do not want to remain invested in the trust.  Those who want to remain invested in the trust once the change of management takes place will be placed in the JP Morgan Elect Umbrella fund.


Invesco Perpetual Fixed Interest:

Invesco Perpetual has announced that Paul Read, the group’s co-Head of Fixed Interest, will be stepping down from their Corporate Bond fund on the 31st December 2016.  The fund will continue to be co-managed by the remaining co-managers Paul Causer and Michael Matthews.  Furthermore, Julien Eberhardt will become a co-manager of Invesco Perpetual’s Global Financial Capital and Euro Corporate Bond funds, with Thomas Moore becoming co-manager of their High Yield fund, whereas Asad Bhatti is stepping down from the Euro Corporate Bond fund to specialise in emerging market debt securities.


Aviva Property Trust:

The Aviva Property Trust fund, which has been suspended since the 5th July 2016, is due to re-open on the 5th December 2016, making it one of the last commercial property fund to resume trading following liquidity concerns.  Furthermore, Aviva Investors has announced that Mike Luscombe, the fund’s co-manager, is retiring at the end of January 2017.  Andrew Hook, who has been co-managing the fund alongside Luscombe since March 2015, will then become the lead manager.


Aberdeen Diversified Income and Growth Trust:

Aberdeen and BlackRock are planning to merger their Aberdeen UK Tracker investment trust and BlackRock Income Strategies investment trust to create the Aberdeen Diversified Income and Growth investment trust. Management of the combined trust will be taken over by Aberdeen’s Diversified Multi-Asset team, which is headed up by Mike Brooks and Tony Foster, with proposals to replace the zero discount policy the BlackRock trust had in favour of a more flexible discount control mechanism.