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Aviva Investors to shut Buxton and Brough special sits mandate

Martin Wheatley
Richard Buxton

Aviva Investors plans to close its £375.6m UK special situations mandate after the departure of Richard Buxton from Schroders led to a withdrawal by the fund’s largest investor.

The Aviva Investors UK Special Situations fund was managed by Buxton, who left Schroders earlier this year to join Old Mutual Global Investors, and Schroder UK Mid 250 fund manager Andy Brough.

Buxton was replaced on the portfolio by Sue Noffke in June 2013. Noffke was also made interim manager of Buxton’s Schroder UK Alpha Plus fund after his departure.

Aviva Investors says: “We can confirm we are in the process of closing the Aviva Investors UK Special Situations fund. This fund is managed by Schroder Investment Management, and as a result of recent organisational changes at the firm, the fund’s largest investor has decided to withdraw their investment.

“Our priority is to protect the interests of our current investors and we believe it will not be in their best interests to remain in the fund as it will be too small to be run effectively.”

Existing investors can switch into another Aviva Investors fund free of charge or cash in their investment, the group adds.

Aviva Investors UK Special Situations sits first quartile in the IMA UK All Companies over one year to 31 July with a return of 37.3 per cent, although this compares with a 39.1 per cent gain for Schroder UK Alpha Plus and a 49.4 per cent return for Schroder UK Mid 250.

Over three years, the Aviva fund is up 45.7 per cent. Schroder UK Alpha Plus, meanwhile, has gained 53 per cent and Schroder UK Mid 250 has returned 71.7 per cent.

Aviva Investors UK Special Situations cumulative performance to 9 September 2013

Aviva Investors UK Special Situations 9.64% 9.58% 30.87% 42.84% 61.11%
IMA UK All Companies 6.62% 6.90% 23.51% 40.93% 51.17%
2.82% 2.50% 5.96% 1.35% 6.57%
  33 / 281 67 / 278 49 / 278 106 / 264 73 / 245
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Source: FE Analytics


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