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Leading investment houses in doghouse

Henderson, First State, Fidel-ity and Investec are among the investment worst firms in Bestinvest’s six-monthly Spot the Dog report.

Henderson has 1.02bn of dog funds out of 6.07bn, but director of UK wholesale Phil Jefferson, who has seen the report, says the recent recruitment of Graham Kitchen and Andy Jones is part of a range of changes under way at the firm aimed at tackling under- performance.

Fidelity makes an appearance with 580m of dogs under management. The report describes its 424m managed international fund as the “fattest dog” around.

A Fidelity spokesman says the company takes the relative underperformance of this fund seriously but performance shows signs of improvement.

First State has the highest percentage of dogs, with 38.6 per cent of its 1.19bn qualifying for dog status. The report says the inclusion of the firm’s 423m global emerging markets fund is surprising. First State head of UK and European retail sales Richard Jones argues this is the time to buy the fund, not sell it.

A fund qualifies as a dog under Bestinvest’s criteria if it has underperformed its benchmark in each of the last three years and by at least 10 per cent cumulatively over the period. The report describes Investec’s 132m European fund as the firm’s “downfall”.

The guide says investors who hold dog funds should not sit and do nothing but review the position of the funds in their portfolio.

Investec managing director David Aird says: “I’m not going to back away from the fact that our European fund has been absolutely atrocious over the last two years but investors need to be careful of jump- ing ship at the wrong time.

“These reports are a lagg- ing indicator of performance and such statistics often encourage people to make the wrong investment decisions. Our Euro fund has delivered second quartile performance in the year to date.”


Mortgage Express chief joining GE

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Richard Mayland joins board of Newcastle BS

Richard Mayland, a former partner with PricewaterhouseCoopers, has joined the board of Newcastle Building Society as a non-executive director.Maylad became a partner with PWC in Newcastle in 1976 managing the audit practice in 1999. He has also led a financial services unit for PWC specialising in retail banking and insurance.Since last year he has worked […]

Shepherds to hold creditors meeting

Investment firm Shepherds (Financial) Limited, which ran an offshore viatical fund which invested 26m in collapsed American life office MBC, is holding a creditors meeting on August 9 to consider the appointment of a liquidator.

Talkin Points

This month has been dominated by the dreadful happenings in London and the announcement of the 2012 Olympics venue.

The Great British Break-Off

Despite predictions that a vote to leave the European Union would result in an economic apocalypse, UK equities have shown the market equivalent of a stiff upper lip: bouncing back, keeping calm, and carrying on. Although the road towards Brexit remains clouded in uncertainty, UK equities offer a range of opportunities to investors seeking returns […]


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