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Management changes will see relegated funds improve

F&C, Baring and Abbey all say funds which feature in Chelsea Financial Services’ relegation zone of poor performers will improve now that manager changes have been made.

F&C’s North American fund has lost 30.8 per cent over three years and features in the North American equity relegation zone. F&C head of communications Jason Hollands says past performance has been poor but that this was an Isis fund. Since the merger with F&C, Hollands says the replacement of former manager David Currie with Rupert Della-Porta and switching to a quantitative approach has meant the fund is now outperforming.

The Baring European gro-wth fund is down 8.1 per cent in the European equity sector against a sector average rise of 2.3 per cent. Baring head of European equities Susannah Lloyd says the performance has not been good but the appointment of James Buckley from Premier to run the fund aims to turn it into a flagship fund.

Abbey’s UK smaller companies management is dubbed shocking by the report. 1,000 in the Abbey-owned Scottish Mutual UK smaller companies fund would be worth 985 after three years compared with Marlborough’s special situations fund, in the same sector, which has almost doubled investors’ money with a 96.7 per cent return.

Abbey head of client investment John Kelly says: “The three year numbers on our UK sma-ller companies funds are dreadful but since outsourcing management to State Street, per- formance is improving.”

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