Fortis Turkey fund manager duo quits

Eli Koen and Mathieu Nègre, the managers of the Fortis Turkey fund, have left the group, according to Old Broad Street Research (OBSR).

The Luxembourg-domicilled fund has £114.5m of assets under management.

Launched in April 2005, the fund returned 4.4% over three years. This compares with an equity Europe single country bechnmark loss of 24% over the same period. (article continues below)

Being heavily weighted towards financials, some of the biggest holdings are banks. Koen and Nègre’s largest single stock allocations are made toTürkiyeİşBankası, Türkiye Garanti Bankasi, Akbank Türk Anonim Sirketi, Türkiye Halk Bankası.

At a sector level, more than half of the fund, 51.5%, is invested in financials. Some 18.4% are held in industrials, 8.7% in consumer stables and 8.5% in telecom services.

OBSR has removed the fund’s suspended A rating and removed it from its global fund ratings service.

A new fund manager is to be announced in due course.

In April, Fortis Investments and BNP Paribas Investment Partners brought their operations together in the final stage of their merger.

The new entity operates under the brand name BNP Paribas Investment Partners and is now working on a strategy to optimise its combined fund range.