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”, as the Slater Investments holdings were being aggregated with other funds managed or administered by Marlborough.
The move will also allow Slater Investments to roll out online dealing to investors through FNZTA Services.
The changes take effect on 7 August and will result in the £455m MFM Slater Growth, £126m MFM Slater Income and £37m MFM Slater Recovery funds being renamed as the Slater Growth, Slater Income and Slater Recovery funds. The investment objectives and management style will not be affected.
“Slater Investments is very pleased to be taking over responsibility for the administration and operation of the funds,” a spokesperson for Slater Investments says.
“The move reflects the development of our business. The MFM prefix in the fund names was confusing to some investors and this step makes clear that our funds are managed by Slater Investments.”