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Chelsea upgrades Liontrust first income to buy rating

Chelsea Financial Services has moved the Liontrust first income fund back to buy rating for the first time in five years.

Having being taken off the buy list in 2005 after a “continual level of underperformance”, then under the stewardship of Jeremy Lang, the fund made Chelsea’s relegation zone in March 2007. To make this a fund needs to have shown three years of consecutive third or fourth quartile performance.

Chelsea Financial Services managing director Darius McDermott says: “We upgraded the fund to a hold when Gary West and James Inglis-Jones took over its management 18 months ago, after Lang left the group.”

McDermott notes the £304m fund has been first quartile since the duo took it over. The continental Europe fund they have run since joining the group in November 2006 from Polar Capital is also ranked first quartile over one year and second quartile over three.

“There was a slight amendment made to the fund’s mandate which took away the clause that it had to raise income every year,” says McDermott. “This seemed to constrain the way the fund was managed and I have been impressed with the way Gary and James have done since they took it over.”



Mortgage firm fined £14k for systems and controls failings

The FSA has fined a mortgage firm director £14,000 for failing to put in place adequate systems and controls, and separately has cancelled the regulatory permissions of a mortgage brokerage for refusing to allow the FSA to carry out a supervisory visit. A-Z Mortgages sole director David Roberts was fined £14,000 after not addressing systems […]

Premier to close fund in restructure of range

Premier is restructuring its fund range including eight name changes, a change of mandate and the closure of its European growth fund. The changes will be implemented on October 31 although the mandate change and closure will have to be approved at an extraordinary general meeting of unitholders on October 15. The Premier European growth […]


IMF says UK is on the mend

The International Monetary Fund says it is confident that the UK economy is moving in the right direction but is still concerned by persistently high inflation. In its annual assessment of the UK economy, the IMF says the coalition’s deficit reduction plan has improved confidence and while it will stifle growth over the medium term, […]

Fidelity global focus manager quits

Fidelity global focus fund manager Brenda Reed is to leave the firm after 18 years. Reed, who has managed the £334m global focus fund since January 2003, is leaving to join New York based hedge fund firm George Weiss Associates. Her responsibilities have been passed on to Amit Lodha. Reed joined Fidelity in 1992 as […]


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