Manager News – October 2016
Jupiter High Income:
Jupiter Asset Management is planning to rename its High Income fund, which is currently managed by Alastair Gunn and Rhys Petheram, to Distribution & Growth on the 1st November 2016. This change is subject to regulatory approval, but will not impact the fund’s investment objective nor its management team, with the aim of aligning Jupiter’s multi-asset fund range.
Invesco Perpetual Select Trust:
Mark Barnett is to stand down from managing the Invesco Perpetual Select Trust after a decade in charge. The UK equity portion of the portfolio is being passed to James Goldstone, who has worked alongside Barnett for the past four years. Goldstone currently runs circa £160 million in institutional pension mandates and is co-manager on the Invesco Perpetual Pan European Equity Income fund. Barnett’s responsibilities at the firm have expanded since the departure of Neil Woodford in April 2014, taking over his flagship High Income and Income funds, as well as becoming the group’s Head of UK Equity.
Kames Capital has appointed Richard Peacock from Aviva Investors to replace Alex Walker on their Property Income fund, working alongside David Wise as co-manager on the portfolio. Walker is taking a career break at the end of year, with Peacock set to join his new firm in December 2016 to work with Walker to ensure an orderly handover.
Standard Life Emerging Market Debt:
Imran Ahmad has joined Standard Life Investments as an investment director on their Emerging Market Debt team. Ahmad joins from JP Morgan Asset Management where he had been working as a currency portfolio manager since 2012 and prior to this, he worked at RBS Global Banking & Markets for seven years. Reporting to Head of Emerging Markets Fixed Income Richard House, Ahmad will have responsibility for the emerging market currency overlay strategies used on the firm’s emerging market debt portfolios.
Old Mutual Investment Grade Corporate Bond:
Old Mutual Global Investors has brought the management of its Investment Grade Corporate Bond in-house and handed the mandate to Lloyd Harris. The fund was previously being managed by Rogge Capital Partners, but has struggled over the past few years. Harris joined Old Mutual last year and has been running their Corporate Bond fund since December 2015. He will be supported by Tim Barker on the Investment Grade Corporate Bond fund.
M&G Extra Income:
M&G Investments is to change the name of its Extra Income fund, which is managed by Richard Hughes, to the UK Income Distribution fund on the 16th December 2016. M&G is also planning to cut its annual management fee from the same date, from 0.75% to 0.60%, in-line with cuts it has made to other funds with fixed interest exposure.
Royal London European Equities:
Following a review by Royal London Asset Management (RLAM) of its European equity strategies, Andrea Williams is leaving the firm. Williams joined RLAM in 1986 as an investment analyst and most recently she was the manager of the group’s European Opportunities fund. Responsibility for that fund will pass to Mike Fox, who recently took over running the European Growth fund on an interim basis following the departure of Neil Wilkinson last month.
M&G UK Equity:
Mike Felton, the manager of the M&G UK Select fund, is leaving the group in January 2016 after 11 years with the firm, with Sam Ford succeeding him. Felton joined M&G in 2005 from Foreign & Colonial as their Head of UK Equity and manager of the M&G UK Capital fund, which later became the UK Select fund. Ford, who is currently the deputy manager on the group’s Dividend, Extra Income and Pan European Dividend funds, has worked at M&G since 2014 and will take over the UK Select fund on the 1st January 2017; subject to internal approval. Until this change formally takes place, it will be managed on an interim basis by Garfield Kiff and Rory Alexander, who had previously been involved with its management.