Despite the global best ideas fund producing top-quartile performance since its launch in June 2006, Skandia has replaced Young with Treasury Asia Asset Management, citing the need for manager blending over performance as its rationale. Dampier has been a big backer of the best ideas concept since its launch in June 2006.
According to figures from Lipper, Treasury Asia Asset Management, which was set up by former Credit Suisse manager Peter Sartori, has slightly underperformed Young’s Asia-Pacific fund in the past 12 months, returning 10.8 per cent compared with Young’s 11.7 per cent.
Dampier says: “I am surprised by this change. Although Hugh Young has had a couple of poor years, Skandia did say that they would give all the managers three years to produce.
“Young is not a bull market operator but, with markets patchy as they are now, he becomes the ideal person to put your money with in that region. I have heard very little about Sartori other than the fact he has a rotational style, which I am very sceptical of.”