Skandia Investment Management has replaced Rathbones’ Carl Stick with a duo from Cartesian on its UK Best Ideas fund.
Following several changes to Rathbones’ fund range, announced earlier this month, Stick is managing just the £504m Income fund for the group. Skandia says because of this, his primary investment style no longer suits the overall makeup of the UK Best Ideas fund. Stick has been a manager in the fund since it launched in October 2006. As at January 31 he managed 7% of its £124m assets.
Cartesian’s Andrew Kelly and David Stevenson have been given the mandate in addition to the money they run within Skandia’s £78m UK Strategic Best Ideas fund. The group described its inclusion in UK Best Ideas as “a natural step”.
Kelly runs the Ignis Cartesian UK Equity Long/Short hedge fund, while Stevenson runs the UK Opportunities fund. They also contribute stock ideas to the UK Equity 130/30 fund, headed up by Jeremy Hall.
Stick’s £47m Special Situations fund is being wound up following a prolonged period of underperformance. It will be merged into the Rathbones Smaller Companies fund and relaunched as a new product – the Recovery fund – run by Julian Chillingworth and Marina Bond.
Over the three years to March 25, Special Situations fell 67.9% against the Investment Management Association’s UK All Companies peer group average fall of 31.1%. The FTSE All-Share index fell 28.3% over the same period, according to figures from Financial Express.
Cartesian UK Opportunities fell 25.4% over three years. Cartesian UK Equity 130/30 does not yet have three-year performance figures, but over one year to March 25, it fell by 19.5% against the All-Share’s 28.6% decline.