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HSAM is ditched as TUFM picks RAM

Trade Union Fund Managers has ditched Hill Samuel Asset Management as its investment manager in favour of Rothschild Asset Management.

The switch follows growing concerns over HSAM&#39s capability since its merger with Scottish Widows Investment Management and the departure of most of its senior fund managers earlier this year. It ends a 39-year relationship between TUFM and HSAM.

As predicted in Money Marketing in March, the move sees TUFM follow ex-HSAM head of pan-European equities David Kiddie to his new investment house. Kiddie took over as chief investment officer at RAM last month after quitting HSAM in June.

TUFM says it also chose RAM due to its impressive track record in UK equities and fixed income, as well as its confidence in chief executive Paul Manduca.

Chairman Lord Christopher says: “Our judgement is that the number and range of managerial appointments which RAM has made suggests it is on the verge of exciting performance and growth.”

TUFM vice-chairman Paul Blagbrough says: “Given the close relationship we choose to have with our fund managers, we decided it would be too difficult to maintain that with managers in Edinburgh. For that reason, we decided to find a fund manager in London.”

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