Manager News – October 2015

Smith & Williamson Fixed Interest:

Smith & Williamson has appointed Ian Kenny as Head of Fixed Interest to replace Chris Lynas, who is retiring from the industry. Kenny has been the co-manager of Smith & Williamson’s Short-Dated Corporate Bond and Medium-Dated Corporate Bond funds since their inceptions alongside Lynas, but following his retirement, Kenny will become the sole manager on both mandates.

 

Schroders Pan European Smaller Companies:

Rosemary Banyard has announced that she will leave Schroders next year, having worked at the company since 1997 and co-manages the group’s Pan European Small Cap team alongside Andy Brough.  Schroders has recruited Jean Roche from Hargreave Hale, where she was an analyst on the Marlborough Multi Cap Income fund, to re-inforce the team following Banyard’s exit.  In addition to co-running the Pan European Small Cap team, Banyard was also a co-manager on the firm’s UK Smaller Companies fund and UK Mid Cap investment trust with Brough, who will become the sole manager on both products following her departure.

 

Old Mutual Ethical:

Old Mutual Global Investors (OMGI) is handing the management of its Ethical fund to Quilter Cheviot.  The fund is currently run on an out-sourced basis by Impax Asset Management, who will stand down as manager on the 1st December 2015, at which point Quilter Cheviot’s Sustainability Investment team will take over; which is headed by Claudia Quiroz and William Buckhurst.

 

Man GLG Technology:

Philip Pearson and Anthony Burton, the managers of the Man GLG Technology Equity fund, are leaving the company with the firm planning to close the fund.  Pearson and Burton have been managing the fund since 2004 and prior to joining Man GLG, Pearson was a portfolio manager at M&G where he managed their European Technology fund, whereas Burton ran a global equity hedge fund at Merrill Lynch.

 

Kames Fixed Income:

Kames Capital has expanded its fixed income team having hired Juan Valenzuela and Timothée Pubellier.  Valenzuela will work on the Rates team having joined from Alliance Trust, where he was an investment manager on their Dynamic Bond fund, and prior to this he managed the SWIP Absolute Return Bond fund.  Pubellier joins as a trainee fixed income manager and will join Kames’ Financial Fixed Income team having worked as a portfolio manager on the UBP hedge fund.

 

Majedie UK Income:

Majedie Asset Management is soft-closing its UK Income fund, which is currently managed by Chris Reid, after the strategy has surpassed its £1.5 billion capacity limit.  As such, new investors will not be able to access the fund and only existing investors will be able to make new contributions, but redemption requests will continue to be honoured as normal.

 

AXA Property:

Martin McGuire has resigned as manager of the AXA Property investment trust as the company looks to wind down by the end of this year.  McGuire will leave AXA Investment Managers on the 28th November after eight years in charge of the trust and he will be replaced by Ian Chappell; the Head of Pan European funds and Real Assets.  The trust is currently in the process of winding down its assets and the board of directors has confirmed they do not expect the management change to impact this process.

 

Kames American Equity:

Marcus Chandler, the Head of North American Equities at Kames Capital, is leaving to firm for personal reasons, where he managed their American Equity fund and co-managed their Global Equity Income fund.  Following his departure Carolyn Bell and Jon Parsons will take charge of the American Equity fund, whilst the Global Equity Income fund will be run by incumbent manager Mark Peden with Douglas Scott appointed the co-manager.

 

City Natural Resources High Yield:

Will Smith has left his position as co-manager of the City Natural Resources High Yield investment trust, with his responsibilities passing to existing manager Ian Francis.  As a result of Smith’s departure, Keith Watson and Rob Crayfourd have been appointed as co-managers supporting Francis, although the board of directors has confirmed the investment strategy will remain unchanged despite Smith’s departure.  In addition to this trust’s portfolio, Wilson will retain his duties as co-manager of the Geiger Counter and Golden Prospects Precious Metals trusts, whilst Crayfourd will continue to provide analytical support across New City’s natural resources fund range.

 

Baillie Gifford Shin Nippon:

Baillie Gifford’s John MacDougall has stepped down from the helm of the Baillie Gifford Shin Nippon investment trust after eight years in charge.  Praveen Kumar will take responsibility for the portfolio on the 1st December 2015, with MacDougall working alongside Kumar during a transitional period.  Responsibility for MacDougall’s institutional mandates will be transferred to Baillie Gifford’s Global Equities team, but he will continue to manage the group’s Japanese Smaller Companies fund, which he has done so since May 2007.

 

Standard Life UK Equity:

Caspar Trenchard has left Standard Life Investments with Harry Nimmo handed control of his funds on an interim basis; until a permanent replacement is sought.  Trenchard has been managing the firm’s UK Opportunities fund since August 2007 and the SLI Ignis Smaller Companies since August 2014.  Nimmo, who currently runs the group’s UK Smaller Companies fund, Global Smaller Companies fund and the Standard Life UK Smaller Companies investment trust, briefly took charge of the UK Opportunities fund prior to Trenchard’s tenure, following the departure of star manager Mark Niznik in 2007.