View more on these topics

Hawksmoor to stand by off-form managers

Hawksmoor Investment Management says it is standing by managers with good longterm track records who are struggling to find their form.

Some funds held by Hawksmoor in its vanbrugh fund of funds are run by managers with solid track records but have produced poor returns this year.

Hawksmoor believes it is dangerous to sell out of these funds on the basis of short-term performance as this may coincide with the manager getting back on track.

Rather than chase short-term performance by selling funds whenever managers hit a bad patch, the firm monitors the situation, finds out why the funds are underperforming and makes sure the original reasons for holding a fund are still valid.

One example of a manager who retains Hawksmoor’s support is Stephen Harker, who runs GLG Japan. Hawksmoor says Har-ker is a contrarian investor who takes big positions to back his investment views. Harker has invested heavily in financials, causing GLG Japan to lag the market. But Hawksmoor feels that the reasons for this position are sound and that it is only a matter of time before the fund bounces back. The firm also believes the fund is inv-esting in an area with good upside potential.

Another example is Stewart Cowley’s Old Mutual strategic bond fund. At the end of last year, Cowley took on board the upward pressure on interest rates and bond yields along with worries about inflation and sovereign debt, so he positioned the fund to profit from falling bond values. This was the wrong position from which to benefit from the subsequent rally and Cowley changed tack to benefit from the tail-end of the rally.

Chief investment officer Richard Scott says: “Managers do lose their way sometimes so you have to keep on top of it and make sure they still have fire in their belly, that they have well thought out views and are backing their convictions.”


No MPC members vote for rate rise

All nine of the Bank of England’s Monetary Policy Committee have voted to keep interest rates on hold at its August meeting. Two members have regularly voted for an increase in a bid to tackle growing inflation, which stood at 4.4 per cent in July, however, both Spencer Dale and Martin Weale have gone with […]

Liontrust reports net sales of £13m

Liontrust has reported £13m of net sales in the second quarter of 2011. The news marks the fourth successive quarter that the firm has reported positive sales. The group saw £101m of inflows, which was offset by £88m of outflows, with the figures excluding the business related flows of its credit business, which Liontrust announced […]

TMW reduces rates by up to 1.4%

The Mortgage Works has cut its residential rates by up to 1.4 per cent and has extended its 20 per cent annual overpayment allowance to its entire product range. From tomorrow, the lender will offer a two-year fixed rate at 2.24 per cent up to 70 per cent loan-to-value and a two-year tracker at base […]

Investec Structured Products duo quit

Investec Structured Products head of equities Rob Reid and head of equity derivatives Andrew Brogden have left the firm to pursue other opportunities. Reid and Brogden joined Investec Structured Products in August 2007 from Abbey Financial Markets. Investec Structured Products head of intermediary sales Gary Dale says: “They have decided to leave to pursue other […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm