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MAM shifts sectors for Miton special sits and strategic funds

MAM Funds is moving its Miton special situations and strategic portfolio funds out of the Investment Management Association’s mixed investment 40-85 per cent shares sector in a bid to allow them to continue to operate their unconstrained approach.

The £790m special sits fund and the £230m strategic portfolio fund, which are both managed by Martin Gray, will move into the flexible investment sector from June 18.

The IMA renamed its active, balanced and cautious sectors on January 1. The active sector has been renamed the flexible investment sector while balanced and cautious were renamed mixed investment 40-85 per cent shares and mixed investment 20-60 per cent shares respectively.

MAM funds distribution director Gary Hooper says the move places the funds in line with their investment mandates. He says: “We are moving the funds to the flexible investment sector as this is the only one of the mixed asset sectors which allows us to pursue our unconstrained, macro- driven approach which has delivered such consistent results for our investors.”

MAM Funds has also confirmed plans to move its £19m global growth portfolio and £14m select assets funds, which are managed by Nick Greenwood, from the flexible investment sector into the global sector to better reflect the aims of the funds.

Skerritt Consultants head of investments Andy Merricks says: “More multi-asset funds should follow suit if they want to offer a truly flexible multi-asset type offering that reflects its investment remit.”

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