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Schroders makes a prudent retreat from private equity

Schroders’ multi-manager team has reduced its exposure to private equity firms after two of its investments reached a premium to net asset value.

SVG Capital and Candover Investments, which invest using the Ucits III regulations, have been held in the Schroder S&P high alpha portfolio since its inception in September 2004, returning 28.5 and 25.2 per cent respectively.

On the back of this, the team has decided to reduce its exposure to private equity from a high of 9.6 per cent to 3.7 per cent.

Head of multi-manager Andrew Yeadon says while private equity has provided strong returns over traditional asset classes, the share prices of these companies have reached a premium to net asset value.

He sees this as a signal to reduce exposure and will reinvest when valuations are more reasonable.

Yeadon says: “One of the main reasons for strong private equity performance has been the availability of cheap debt, which has created a very positive environment for realisations.

“However, the current buying interest in private equity assets has made it more difficult for firms to acquire new investments at reasonable prices and therefore cash levels have crept up.”


Henderson poaches Kitchen from Threadneedle

Henderson Global Investors has appointed Graham Kitchen, previously head of UK equities at Threadneedle, to head up the Henderson UK Thematic team. He will be joined by Andy Jones from Invesco Perpetual where he worked with Mr Kitchen for over five years.Mr Kitchen will report directly to Andrew Formica, Head of Equities. Mr Kitchen will […]

FSA looks to give flexibility on money-laundering controls

FSA chairman Callum McCarthy says he wants to take money-laundering rules out of the regulator’s handbook, allowing firms to create their own controls. Revealing the first phase of the FSA’s programme to simplify the handbook and remove unnecessary rules, McCarthy says he wants to scrap or change requirements that are more restrictive than needed to […]

A-day to boost buy to let by 15 per cent says UCB

Nationwide subsidiary UCB Home Loans says new rules allowing residential property to be included within a Sipp will boost the buy-to-let sector by 15 per cent next year. A UCB Home Loans report says the additional business could see between 3bn and 5bn spent on rental property for use within a Sipp next year with […]

Commission chaos

Lies, damn lies and commission equivalent. It’s the information age. Everybody has access to more information: more is good, even more is better. Unless, of course, it’s misleading information.


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