Fund Times: September 6 - 10
M&G’s Leaviss is to step down from managing the high yield fund to run a UK inflation-linked corporate bond fund; and other news
M&G’s head of retail fixed interest, Jim Leaviss, will run the M&G UK Inflation Linked Corporate Bond Fund. The launch is planned for 16 September and M&G claims it is the first of its kind to be launched in the UK. He intends to generate performance from top-down positioning and bond selection, in line with M&G’s approach across their retail fixed income suite. Leaviss’ extensive experience managing government and high yield bonds makes him well placed to run such a fund. The UK inflation-linked corporate bond market is relatively small at present (just £11 billion according to M&G), but Leaviss expects the market to grow, particularly if inflation does return.
To free up time for his new responsibilities, Leaviss will step down as manager of the M&G High Yield Corporate Bond fund. He will hand over to Stefan Isaacs who has managed the M&G Euro High Yield Bond fund since 2007 and has worked in the high yield area at M&G since 2001, leaving him well placed to take over from Leaviss.
Former Liontrust Managers Lang and Pattison to Launch Absolute Return Funds
Jeremy Lang and William Pattison plan to launch three absolute return funds under their new brand Ardevora Asset Management. Lang and Pattisson established successful track records running the First Income, First Growth and First Large Cap products at Liontrust, but left the firm in January 2009, prompting sharp outflows and a significant fall in the firm’s share price. The new Ardevora funds include growth, income and global varieties, and the duo claim they will use the “same two investment processes they have many years’ experience with”.
Martin Currie’s Emerging Markets Manager Dariusz Sliwinski to Depart
It was reported this week that Dariusz Sliwinski, manager of the Martin Currie Emerging Markets fund, will leave the firm and hand control of the fund to Kim Catechis who joined from SWIP with several team members. We covered Catechis’ departure from SWIP, along with several team members, here. Sliwinski had been with Martin Currie for 13 years, and managed this fund since 2002, but the fund remains relatively small at £22million as at 31 Aug 2010.
JPM Hires Natural Resources Specialist
It was reported this week that JPM has hired Neil Gregson to support Ian Henderson on the JPM Natural Resources fund. Gregson recently spent less than a year at hedge fund CQS, but before that he spent 19 years at Credit Suisse, most recently as head of emerging markets but also specialising in natural resources portfolios including gold. In managing the fund Henderson had relied heavily at times on key support Stuart Connell, but it was announced earlier this year that Connell would relocate to Australia. Instead of working closely with Henderson in London, Connell will work remotely from Melbourne. The hire of an experienced practitioner such as Gregson thus appears to provide good support for Henderson.
Morningstar Qualitative Ratings and Reports Issued This Week
Morningstar issues new qualitative ratings and reports on funds available to UK investors each week. This week included Fidelity Funds Global Opportunities Euro. Click here to see the full list.
