Fund Strategy
6 April 2009

  • Telegraph picks up cover story

    6 Apr 2009

    While the imagery may have changed from the Terminator to the American Civil War, my cover story on active versus passive funds was reproduced in shortened form in the Sunday Telegraph this weekend.

  • A comeback for Luckraft?

    8 Apr 2009

    It would not be harsh to say that the last two years have seen a fair amount of gloss taken off George Luckraft’s star manager status. Originally famed for his barbell approach to investing, the income manager was tagged one of “the” star managers of the early part of this decade, along with Nigel Thomas, his long-term colleague. However, sustained poor returns have taken their toll, with his Axa Framlington Monthly Income fund down 54.5% over three years, more than double the sector average ...

  • A sterling game plan for investors

    6 Apr 2009

    Investors must get much smarter when considering the currency effect on shares and spotting opportunities in the market for players who may benefit from the weak pound.

  • Analysis: Japan’s fiscal stimulus

    8 Apr 2009

    The Japanese government has pledged to pump the equivalent of 2% of the country’s GDP into its slowing economy.

  • Arch cru suspension to be extended

    7 Apr 2009

    The suspension of the Arch cru fund range is likely to be extended to at least the end of May, Capita wrote in a letter to its investors.

  • Asia Pacific and Gem strongest in March

    6 Apr 2009

    Lipper’s monthly retail fund review has identified the Asia Pacific excluding Japan and Global Emerging Markets (Gem) as the best performing Investment Management Association (IMA) sectors in March.

  • Asset management M&A slumps

    9 Apr 2009

    Only 37 mergers and acquisitions took place in the worldwide asset management industry in the first quarter of 2009, compared with 57 in the first quarter of 2008, according to Jefferies Putnam Lovell, the investment banking group.

  • Assets surge in gold and oil ETCs

    8 Apr 2009

    Investors flocked to invest in gold and oil exchange-traded commodities (ETCs) during the first quarter, boosting ETF Securities’ assets under management by 44%.

  • Aviva plans Oeic sub-fund linked to FTSE 100

    6 Apr 2009

    Aviva Investors plans to launch a structured product within a Ucits fund, a rare offering in the British market.

  • Avoiding risk could be detrimental

    6 Apr 2009

    Given the impressive recent performance of the Aggressive index, up 13.33% since trough last year, investors that have no exposure to riskier markets could lose out if there is an upturn.

  • Barclays confirms iShares sale

    9 Apr 2009

    Barclays has agreed to sell its iShares business to CVC Capital Partners Group, a private equity firm, for $4.4 billion (£3 billion).

  • Barclays in talks over sale of its iShares business

    6 Apr 2009

    Barclays entered into exclusive talks with CVC Capital Partners, a private equity group, last week over the sale of the bank’s iShares business.

  • BDO Stoy Hayward rebrands investment arm

    6 Apr 2009

    BDO Stoy Hayward has rebranded its investment arm as Fitzwilliam Asset Management.

  • BlackRock fund is positively booming

    6 Apr 2009

    After soaring from £300m under management to £1.4 billion in just over a year, BlackRock UK Absolute Alpha has many imitators. So why is its manager, Mark Lyttleton, not entirely happy?

  • British rates on hold

    9 Apr 2009

    The Bank of England’s Monetary Policy Committee (MPC) has voted to hold interest rates at 0.5%. The last change was a half-point reduction on March 5. In a release, the committee outlined problems still facing the British economy, including depressed consumer confidence, rising unemployment and a sharp drop in output in the fourth quarter of 2008.

  • Carl Stick removed from Wealth 150

    7 Apr 2009

    Hargreaves Lansdown has removed Carl Stick’s underperforming Rathbone Income fund from its list of favourite vehicles.

  • China fights back

    6 Apr 2009

    The country seems to have coped with the downturn with some analysts predicting that it could see a sharp recovery this year. But will investors who buy into China’s stockmarket make equally powerful long-term returns? asks Jack Mulchand.

  • Chinese economy set to bottom by mid-year

    7 Apr 2009

    In an environment of widespread gloom, the World Bank says there are signs of recovery in China, with the economy set to bottom out by mid-2009.

  • Correction

    6 Apr 2009

    In the Focus on Premier, dated March 23, the article referred to the Hurlingham Balanced and Growth Funds as being managed by Premier.These funds are in fact now managed by 1st Port Asset Management.Premier is the authorised corporate director on these funds as the daily management was removed on November 11, 2008.

  • Correction

    6 Apr 2009

    The author’s name in the Strategy feature entitled ‘Read between the lines on housing’ in Fund Strategy last week was incorrectly spelled.The article was written by Gregory Turnbull-Schwartz, fixed income manager at Aegon Asset Management. He joined Aegon in 2006 as investment manager and previously worked for Citigroup in New York and Schroders Investment Management.

  • Defending greedy bankers

    6 Apr 2009

    If anyone wants to see me defending greedy bankers in person, I will be doing so in a session at a conference in London on May 16.

  • Duet takes Heart of Africa assets

    6 Apr 2009

    Duet Group, a London-based alternative asset manager, has launched an Africa fund after its purchase of the assets in New Star’s Heart of Africa.

  • Duo revamp Liontrust Growth fund

    6 Apr 2009

    Liontrust’s Julian Fosh intends to turn over 20% of the £342m First Growth fund he has inherited from Jeremy Lang, its departing ­manager. Fosh and ­co-manager Anthony Cross will remove stocks, such as United Business Media, that do not fit their economic advantage investment process.

  • E.Tr@der

    6 Apr 2009

    I wouldn’t worry too much. Guy is worked off his feet just now (as am I) and you’re not high profile enough to be in danger.

  • F&C raises High Income target

    6 Apr 2009

    F&C has amended the investment remit of its £228m High Income fund, raising the annual target income to 5%.It was previously the Bank of England base rate plus two percentage points, which today would equate to an income target of 2.5%.According to F&C, the change is a temporary move, which will be reassessed towards the end of the year.

  • F&C trust called into question

    6 Apr 2009

    Shareholders in the F&C Commercial Property Trust have to vote on continuing the life of the investment trust.The trust is trading at a 24% discount and shareholders will vote at an extraordinary general meeting on May 1 on whether or not to continue the fund.If successful, the board intend to introduce a new, more flexible structure.

  • Fed minutes reveal downbeat outlook

    9 Apr 2009

    Yesterday’s publication of the minutes of the Federal Open Market Committee meeting held on March 17-18 reveals a downbeat short-term outlook for the American economy.

  • First State to soft close Latin American fund

    6 Apr 2009

    First State Investments will soft-close its recently launched Latin America fund when assets under management reach $200m (£137m).

  • Fortunes turning for Luckraft?

    8 Apr 2009

    The first glimmer of hope has appeared for investors in George Luckraft’s Axa Framlington Monthly Income and Equity Income funds as performance begins to turn.

  • Fund Manager's Diary

    6 Apr 2009

    Monday: My week begins at Fidelity’s office near St Paul’s.

  • Gilts reward investors in fourth quarter

    6 Apr 2009

    Investors in gilt funds were well rewarded in the fourth quarter of 2008, according to an annual review of the fixed interest sector from Standard & Poor’s (S&P) Fund Services.

  • Gold shield for double protection

    6 Apr 2009

    The managers of the Cazenove Multi-Manager Global ex-UK fund made big defensive changes to the portfolio. Now they have upped its exposure to gold to hedge against a range of instability.

  • Green is not good

    7 Apr 2009

    Proponents of the “Green New Deal” in Britain are complaining that it is not going nearly far enough. A study by the New Economics Foundation for Greenpeace UK estimates that only 0.6% of Britain’s £20 billion recovery plan, equivalent to 0.0083% of GDP, is accounted for by green stimulus measures.

  • Gringo leaders to blame for crisis

    6 Apr 2009

    While the G20 leaders were smiling politely for the world’s media, the blame game on who was responsible for the ­economic crisis intensified. Several potential culprits are in the dock.

  • Henderson reveals final manager line-up

    9 Apr 2009

    Henderson and New Star today completed their merger and revealed the complete fund manager line-up.

  • IMA may redefine Money Market sector

    6 Apr 2009

    The Investment Management Association (IMA) is considering changing the definition of the Money Market sector.

  • Ireland tries to stabilise economy

    8 Apr 2009

    The Irish government has announced the details of an emergency budget designed to shore up the country’s flagging economy.

  • Joblessness soars in OECD countries

    6 Apr 2009

    Unemployment rates in many Organisation for Economic Co-operation and Development (OECD) countries will hit double figures by the end of 2010, according to the OECD’s interim economic outlook.This will be the first time it has reached such a level since the 1990s, and will affect GDP growth. The world economy is expected to shrink by 2.7%.

  • L&G works to win hearts and minds

    6 Apr 2009

    Legal & General enhanced its growing reputation as a retail funds provider last year with a rise in sales of 42%. But it still has some way to go to convince advisers, writes Hannah Smith.

  • Lone ranger captures market beta

    6 Apr 2009

    The only investment trust to launch so far this year, Harewood says its Enhanced Income vehicle uses daily call-option selling to outperform index falls, while still gaining value in bull markets.

  • Manager focus: Glen Pratt

    7 Apr 2009

    Glen Pratt has turned around the short-term performance of the Melchior UK Opportunities fund by reducing small-caps and backing cyclical stocks towards the end of last year.

  • Manager focus: Laurence Taylor

    6 Apr 2009

    The day the Global Large Cap Equity fund was launched, the Vix volatility index hit an all-time high of 80, Laurence Taylor, a portfolio specialist at T Rowe Price, recalls.

  • Manager focus: Nicholas Morse

    8 Apr 2009

    Latin America will emerge from the global recession faster and in better shape than the developed world, says Nicholas Morse, a Schroders fund manager.

  • Managers turn to gold to protect their assets

    6 Apr 2009

    Fund managers are repositioning their portfolios to reflect their views on quantitative easing.

  • Martin Currie values stock-specific change

    9 Apr 2009

    Ruairidh Stewart, co-manager of Martin Currie Global Energy, talks to Will Jackson

  • New manager for Schroders ISFs

    6 Apr 2009

    Schroders has passed its Luxembourg-domiciled International Selection Fund (ISF) India and ISF Pacific mandates to Manish Bhatia after the departure of its previous manager, Millicent Lai.Bhatia has worked in Schroders’ Hong Kong office since September 2008 and has worked with Louise Lo, the head of equity, Asia ex Japan.

  • New Star managers make the switch

    6 Apr 2009

    John Duffield last week said goodbye and thank you to his employees as time was called on New Star Asset Management. For some the toast marked the end to nearly an eight-year journey, from New Star’s official launch in July 2001.

  • Old Mutual puts faith in Asia and Australia

    6 Apr 2009

    Phil Hunter, an Asian equities fund manager at Old Mutual, talks to Natalie Kenway.

  • Omnis launches Distribution fund

    6 Apr 2009

    Openwork and Octopus Investments have launched a distribution fund under the Omnis Investments brand.

  • S&P gets tough on Madoff-exposed funds

    8 Apr 2009

    Standard & Poor’s Fund Services has removed ratings on several funds of hedge funds as a result of their exposure to Bernard Madoff strategies.

  • SCAM

    6 Apr 2009

    Keen to witness history in the making, the chairman has no objection to remaining coralled by a police cordon for four hours without a drink – a sentiment not shared by our correspondent.

  • SGAM sale complete

    6 Apr 2009

    Société Générale Asset Management (SGAM) has completed the sale of its asset management business to GLG Partners, the group announced this morning.

  • Standard Life looks to scrip dividends

    8 Apr 2009

    Standard Life is asking shareholders to approve the replacement of their cash dividend payments with a scrip dividend.

  • Terrible quarter for dividends

    8 Apr 2009

    The first quarter of 2009 was one of the “most catastrophic in the history of dividends,” says a report from Markit, a financial information services company.

  • Through the looking glass in a City filled with dreamers

    6 Apr 2009

    Michael wears gleaming gold tights and a jester’s hat and jigs from side to side on his trampoline shoes as he explains the cause of the financial ­crisis. “Gender has a particular role to play in this fiasco: it’s men who have created all of these problems,” he explains. “If we had more women in the financial services industry, it would be a bit more restrained in its activities.”

  • Uglier than green

    8 Apr 2009

    It is hard to tell whether it is a response to yesterday’s criticism in the Financial Times (see April 7 post), but Gordon Brown seems anxious to emphasise his green credentials in an interview in today’s Independent. The newspaper paraphrases Brown as follows:

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