Fund Times: 30 June – 4 July
Threadneedle lose UK High Alpha Head and UK Accelerando Fund Manger; Baillie Gifford Launches Emerging Markets Bond Fund; Schroders Add to MENA Team; AXA Framlington Pass Multimanager Funds to Architas; and Legg Mason Renames Strategic Bond Fund
Threadneedle Investments has this week announced that its head of UK high alpha Paul Findley has resigned. Findley had also managed Threadneedle UK Crescendo fund since 2001, and management will subsequently pass to Mark Westwood after a transition period of two months. In a double whammy the group also announced that their UK Accelerando fund manager, Steve Hewitt, has also tendered his resignation. Hewitt, who also runs the group's Pension UK High Alpha fund, will be replaced by UK equity head Leigh Harrison. Harrison will also head the alpha team until a permanent replacement for Findley is found.
Baillie Gifford Launches Emerging Markets Bond Fund
Baillie Gifford & Co has announced the launch of their Emerging Markets Bond fund. The fund aims to achieve a total return of more than the J P Morgan GBI-EM Global Diversified Index (before charges and expenses). In order to do this it will invest primarily in local Emerging Market bonds issued by sovereign, supranational, public sector or corporate issuers, with at least 75% held in bonds issued by emerging markets borrowers or bonds denominated in emerging markets currencies. It will pay income quarterly and target a yield in excess of 7% per annum. The Fund will be jointly managed by Gordon Brown and Sally Greig, with the retail share class requiring a minimum investment of £1,000. The usual initial charge is 3.5%, and the TER (total expense ratio) is estimated to be 1.55% per annum on the A shares. The B shares, which require a £250,000 minimum investment, carry a maximum initial charge of 0.5%, and an estimated TER of 0.95% per annum.
Schroders Add Analyst to MENA Fund Management Team
Schroders last week announced the addition of Rami Sidani as Head of MENA Portfolio Management. This week the firm appointed Maha Soueissy who joins as an analyst. Soueissy will also be based in the Dubai office, and joins from SHUAA Capital where she was an Associate in the Equity Asset Management team and analyst of Middle East equities covering a range of sectors across the MENA region.
AXA Framlington Pass Multimanager Funds to Architas
AXA Framlington has this week confirmed that on 1 July six of its Multimanager funds were transferred to AXA’s new standalone company Architas. As part of the transfer Caspar Rock has been appointed as deputy chief investment officer of Architas, and will continue to manage the funds. Alongside his portfolio management responsibilities, Rock will also work closely with Richard Philbin, the recently appointed CIO, on the development of new portfolio propositions. The following funds have been transferred: AXA Framlington Multimanager Reserve, AXA Framlington Multimanager Cautious Income, AXA Framlington Multimanager Income, AXA Framlington Multimanager Balanced, AXA Framlington Multimanager Growth, and AXA Framlington Multimanager Dynamic. These funds will now be known as follows: Architas MM Reserve, Architas MM Cautious Income, Architas MM Income, Architas MM Balanced, Architas MM Growth, and Architas MM Dynamic Fund.
Legg Mason Renames Strategic Bond Fund
The Legg Mason Strategic Bond fund will be known as the Legg Mason Sterling Corporate Plus Bond fund going forward. Legg Mason believes that the new name more adequately reflects the underlying investments. The fund has a corporate bond exposure of at least 70% with a limited exposure to higher-risk fixed income securities. Its investment objectives will not change.
