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BGI trims quants

Barclays rethinks funds ahead of move to multi-manager approach

Barclays Global Investors will trim its range of eight active quants funds to six when the funds shift to a multi-man- ager approach next month.

Barclays Wealth Management will take responsib- ility for the funds, which will also be renamed to reflect their multi-manager status and adoption of wider investment powers under Ucits III.

Legal & General will be administrator and this role will also be reflected in the name changes, with all funds prefixed L&G (Barclays).

From November 9, BGI American growth will become MM US alpha, BGI European will be renamed MM Europe (ex UK) alpha, BGI UK growth changes to UK alpha and BGI smaller companies becomes MM UK lower cap.

BGI gilt & fixed-interest income and BGI distribution will be merged into MM sterling bond and BGI growth & income and BGI equity income will form MM UK equ-ity income.

The funds will be managed using a manager of managers strategy rather than fund of funds as the group wants to bring the type of service normally favoured by institut-ional and high-net-worth clients to the retail market.

Head of research Gary Dugan will be responsible for manager selection but Barclays Wealth Management has not yet disclosed the initial line-up of managers for the funds. It says it has existing relationships with 30 investment managers, including BGI.

Barclays says the expertise of the underlying managers is central to the multi-manager approach and managers will be selected on the basis of their skills within a par-ticular field. These skills will be harnessed through Barclays’ skills in portfolio construction.

Barclays head of private wealth Lorcan Murphy says: “BGI is already one of the world-class managers that manage portfolio mandates as part of the Barclays’ wealth management multi-manager platform. The changes we are making are about offering retail customers choice.”

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