The Credit Suisse fund aims to identify unrecognised talent by focusing on smaller funds with assets not exceeding £100m at the time of investment.T Bailey says it has been taking a similar approach within its multi-manager portfolios for years, having been an early investor in Artemis funds and the Saracen growth fund. Although T Bailey is pleased that investors are starting to understand that boutique funds have the potential to deliver stunning performance, it feels it is unnecessary for multi-managers to focus solely on boutique managers, particularly in areas where bigger funds are perform- ing well. Credit Suisse says that funds under £100m consistently dominate the tables, mak- ing the restriction a good discipline for its incubator fund. T Bailey has also hit out at bigger fund management groups such as M&G and Old Mutual which it claims want to be seen as boutiques. In T Bailey’s view, boutiques have to be small, have a narrow focus or product range or to be owned by individuals rather than being a listed company. T Bailey co-fund manager Jason Britton says: “Boutiques are popular at the moment as people have woken up to the concept that smaller assets can deliver stronger performance. It is quite amusing that some of the bigger groups – M&G and Old Mutual – have come to us saying they are boutiques. “Because everyone wants to be a boutique, some multi-managers are focusing on boutiques alone. But there are some very good large funds out there, some of which are as good as you can get. Why place artificial restrictions on choice?” Credit Suisse Asset Management joint head of multi-manager Robert Burdett says: “If you look at the statistics on funds below £100m they absolutely dominate the first quartile each year – and this is without doing any qualitative research. These are restrictions that will we think will do very well for our investors.”
Forty volunteers from Clerical Medical and parent group HBOS have just returned from Sri Lanka, where they pitched in rebuilding homes for tsunami victims. Working with charity Habitat for Humanity, the team built eight new houses and raised funds to build a further 160 or repair 800 damaged properties.
JPMorgan Asset Management has re-structured its UK sales team.Alex Barry has been appointed as head of UK distributor sales with a team of three reporting to him, while Dan Mannix has been appointed head of JPMAM’s wholesale channel. He will oversee sales to discretionary clients.
A monogamous relationship with a specialist mandate can force managers to bypass pot- entially lucrative opportunities.
One of the biggest challenges of mortgage regulation has been the production of the mandatory key facts illustration.
By Joshua Ausden, Head of Client Investment Strategy at Neptune FE Alpha Manager Mark Martin and Assistant Manager Holly Cassell explain how they have delivered sector-topping returns with a low level of volatility in the UK Mid Cap Fund. Since inception in December 2008, the £616m fund has returned 299%, outperforming the FTSE 250 Index […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]