Manager News – September 2016

Aberdeen Multi Asset:

Aberdeen Asset Management is implementing a number of changes on its Multi Asset Conservative Portfolio, Multi Asset Growth 1 Portfolio, Multi Asset Growth 2 Portfolio and Multi Asset Growth 3 Portfolio funds. All four funds are undergoing changes to their charging structures, investment objectives and re-naming. The changes to fees will take effect on the 1st October 2016, while the other changes will be implemented on the 1st November. The Multi Asset Conservative Portfolio fund will be renamed the Aberdeen Diversified-Core Conservative fund and will see its annual management charge (AMC) fall from 0.60% to 0.40%.

The Multi Asset Growth 1 Portfolio fund will be renamed as the Aberdeen Diversified-Core Cautious fund, with its benchmark changing to LIBOR (London Inter Bank Offering Rate) + 3.00%. Meanwhile the Multi Asset Growth 2 Portfolio fund will be renamed to Aberdeen Diversified-Core Growth and its benchmark will be changed to LIBOR + 4.50%. Finally, the Multi Asset Growth 3 Portfolio fund will be renamed as Aberdeen Diversified-Core Adventurous fund and its new benchmark will be LIBOR + 5.50%.


Henderson UK Alpha:

James Ross has been taken off the Henderson UK Alpha fund and appointed co-manager of their Horizon Pan European Equity fund, alongside Tim Stevenson; who has been running the fund since its inception in 2001. Neil Hermon, who was Ross’ deputy manager, has taken charge of the UK Alpha fund with immediate effect, with Indriatti van Hien promoted as the new deputy manager on that fund.


Jupiter Japanese Equity:

Jupiter Asset Management has appointed Mitesh Patel as an assistant fund manager on Dan Carter’s two Japan funds, following the departure of Simon Somerville earlier this year. Patel joins from Barings where he was an investment manager covering Japanese equities, and he will join Jupiter on 3rd October 2016, working alongside Carter on his Japan Income and Japan Select SICAV funds.


Allianz Energy:

Allianz Global Investors is to merge its Energy fund into its Interglobal fund, following the departure of lead manager Chris Wheaton; who left the group in August 2016. Rohan Murphy was appointed by Allianz to take over the Energy fund, but it will now be merged on the 30th November into their Interglobal fund; which is managed by Lucy Macdonald. The firm will also merge its Telemedia fund into the same product, helping grow that fund’s assets under management and increase its flexibility. However, the Interglobal fund is not being distributed in the UK, thus potentially causing problems for UK investors who currently hold the Energy fund.


Schroders Mid Cap:

Jean Roche, formerly of Hargreave Hale, has joined Andy Brough as co-manager of the Schroders UK Mid Cap investment trust. Roche worked on the Marlborough Multi Cap Income fund whilst at Hargreave Hale before joining Schroders in January 2016, when she replaced Brough’s long-standing co-manager Rosemary Barnyard. After a brief spell running the Schroders UK Mid 250 fund, the board of the investment trust decided to appoint Roche on its mandate as well; with Brough remaining the lead manager of both products.


Neptune US Equities:

James Hackman has left Neptune Investment Management just months after being appointed the lead manager of their US Opportunities fund. Hackman; who had been running the Neptune US Income fund since June 2014, took responsibility for the US Opportunities fund in May 2016 following the departure of long-term manager Felix Wintle. Robin Milway has been promoted as the lead manager of this fund, with Pat Close and Ali Unwin deputy managers. Milway joined Neptune in August 2016 as their Head of Stock Selection, having previously worked at EFG Private Bank, with initial plans to launch a European equity fund for him, but he subsequently joined their US Equity team instead.

Meanwhile, George Boyd-Bowman, who currently runs the group’s Global Income fund, has been appointed manager of the Neptune US Income fund, with Robin Geffen; the firm’s Chief Executive Officer (CEO), taking over as the fund’s co-manager.


Royal London European Equities:

Royal London Asset Management (RLAM) is reviewing the management of its European equity strategies following the resignation of Neil Wilkinson, who co-manages the group’s European Growth fund. Wilkinson had been at the firm since 2012 and also ran their European Opportunities fund, alongside Andrea Williams, who remains with the company. Mike Fox, their Head of Sustainable Investments, is taking over both funds in the interim whilst RLAM carries out this review.