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Downing enters Oeic market with Acuity fund deal

Downing Corporate Finance has made its first move into the Oeic sector by acquiring a smaller companies fund from Acuity Capital.

On December 1, Downing took on the investment management of the CF Acuity real active management fund, now the Downing active management fund.

The fund will be managed by Downing investment director Judith MacKenzie, who ran the fund at Acuity before leaving the firm in July 2009. In the past 12 months at Acuity, the fund has returned 5.2 per cent compared with an average ret-urn of 30.8 per cent, according to figures from Trustnet.

The fund looks to invest in companies with a £150m market cap of less than £150m, an area the team believe gets overlooked by some small-cap managers. It will hold 20-25 stocks.

Downing Corporate Finance focuses on structuring, promoting, managing and administering tax-efficient products. It has over £150m in VCT funds and has raised over £900m for its investment products.

MacKenzie says: “This fund is effectively a special sits smaller companies offering with a private equity focus when looking at smaller and Aim companies.”

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Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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