Closures, downgrades and departures: Fund round up for July


Marlborough Fund Managers ditched

Marlborough Fund Managers has been replaced as authorised corporate director for the Slater Investments funds, with the ACD role being taken in-house.

Slater Investments, the private UK equity boutique, says under the arrangement with Marlborough the managers felt restricted by the 20 per cent maximum shareholding limit that was “becoming an issue”.

Blackrock UK Income fund downgraded

Morningstar has downgraded the Blackrock UK Income fund following the exit of Mark Wharrier saying he had brought “structure” to the investment process.

Wharrier is joining Troy Asset Management as an assistant manager on the £3.5bn Trojan Income fund alongside manager Francis Brooke and assistant manager Hugo Ure.

Co-managers Adam Avigdori and David Goldman remain in place on the £411m Blackrock fund.

Martin Currie Global Resources fund closes

Legg Mason is closing the Legg Mason Martin Currie Global Resources fund due to dwindling assets under management.

The fund is closed to new investors and will hard close on 31 July 2017. All shares remaining will be redeemed at the net asset value per share.

More changes at Neptune US Opportunities

Robin Milway is exiting Neptune Investment Management after 10 months at the firm, representing the third manager change to the US Opportunities fund in 18 months.

Milway joined from EFG in September, but will “pursue other opportunities”, Neptune said in a statement.

Martin Currie Asia Unconstrained Trust ups dividend

The Martin Currie Asia Unconstrained Trust has upped its annual dividend 110 per cent from the previous year as shareholders vote to increase the investment trust’s policy on dividend payouts.

The total annual dividend of 16.28p represents a dividend yield of 4.5 per cent. Last year the total dividend from 7.75p.

ETF Securities lists commodity products

ETF Securities is launching two commodities products on the London Stock Exchange.

The ETFS All Commodities GO UCITS ETF tracks an index of front month commodity futures and may be used as a tactical play, a core diversifier or part of an allocation to an alternatives portfolio.

The ETFS Longer Dated All Commodities Ex-Agriculture And Livestock GO UCITS ETF tracks an index of longer-dated commodity futures on energy and metals without an allocation to food-related commodities.

Smith & Williamson bond fund

Smith & Williamson has launched a global inflation-linked bond fund for manager Thomas Wells.

The Global Inflation-Linked Bond fund will mainly invest in inflation-linked government debt with the ability to also hold investment grade sterling inflation-linked corporate bonds to boost returns.