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Resolution rebuilds US growth fund

Resolution Asset Management has overhauled its US equities fund in a bid to move towards a retail strategy.

Managers Alison Porter and Terry Ewing both want the fund to reflect their management styles by adopting a more aggressive stance, taking on themes such as infrastructure expenditure, which are now prominent in the US and across the globe.

Ewing is currently into his second stint at Resolution having returned back in Feburary 2007 from Old Mutual Asset Management. The managers believe the changes, which see industrials, technology and basic materials become the three overweights in the fund – will help offer more consistent top quartile performance.

The fund has been 43 out of 69 funds in the IMA North America over the past three years, reflecting the funds indifferent returns.

Ewing says: “The fund is very much positioned for growth because we believe the market will remain buoyant as exporters thrive in a dynamic global economy, the M&A boom continues and firms use their excess cash to enhance shareholder returns by buying back shares. Valuations are not stretched, earnings expectations are unnecessarily low and there is a solid outlook for global growth.”


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Ferguson to be first woman to chair AIC

Carol Ferguson is to become the first woman to chair the Association of Investment Companies, replacing Hamish Buchan, who steps down on December 11. She has been deputy chairman since 2004.

Towry takes over MLP’s UK business

Towry Law has acquired the UK assets, advisers and clients of MLP Private Finance in a deal completed last week.MLP’s German parent has pulled out of the UK and Spain to focus on its core markets and is in negotiations with a Spanish advice firm about selling its Iberian arm.It has 95 employees in the […]

Bristol and West to scrap exit fees from July 31

Bristol and West has confirmed it will also be scrapping exit fees for future customers from July 31.This follows Cheltenham and Gloucester’s announcement last week that it will be axing its £225 exit charge on all future lending.Lenders had a deadline of July 31 by the FSA to sort out their fee structure.Bristol and West […]


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