Stephen Dolbear will step down from his role as lead manager on F&C’s High Income fund at the start of next year. He will be replaced on the £320m portfolio by Chris Childs, assisted by Stephen Crewe.
F&C plans to market the fund more actively following the change, including a series of meetings with key intermediaries. “This fund has not been marketed for some time and we are keen to start attracting new assets,” says Jason Hollands, communications director at F&C. “Other firms are trying to move into the cash-plus space. The market is starting to get more interested in this type of product.”
The fund invests in equities and fixed income, with a derivative overlay.
Childs and Crewe have worked in Dolbear’s alternative investments team since its creation in 1995. Childs runs the F&C HVB-Stiftungsfonds portfolio for German retail clients, targeting a yield of 1% above Euribor.
He says the same strategy is employed across the team’s funds and he does not anticipate any major changes to High Income. The fund was launched in 1993 with a 10% income yield, although its remit was changed in 1995 to target 2% above base rates, after charges.
Dolbear will focus on running F&C’s Amethyst and Garnet hedge funds.