Tim Guiness will step down as manger of the Investec Global Energy fund just as soon as the new management team of Mark Lacey and Jonathan Waghorn receive regulatory approval. Guiness has been in charge of the fund since 2003, and over the last three years the fund shows a very respectable 25.41% annualised return. Investec’s move will bring over £1bn of assets back in house, as Waghorn and Lacey will take on both the onshore and offshore versions of the fund. The two new mangers have been recruited from their roles as sell-side analysts Goldman, where they ran proprieta
ry money.
Barings Launch New China Funds
Because one China fund apparently isn't enough, Baring Asset Management plans to launch two additional China offerings pending regulatory approval. The Baring China Growth fund will be UK domiciled, whereas the Baring China Select fund will be based offshore. The funds will be jointly managed by William Fong and Agnes Deng, who currently form part of the Barings’ Hong Kong-based Asia Pacific Equity team, and manage the Baring Hong Kong China fund. The Morningstar China Equity category is down over 27% in sterling terms in the last month.
Tulloch Hands off Lead Management Duties at First State Emerging Markets
First State Investments Angus Tulloch has passed the lead manager baton at the firm's Global Emerging Markets and Global Emerging Market Leaders funds to co-manager Jonathan Asante. Tulloch, who has run the Global Emerging Markets of 15 years, and Global Emerging Market Leaders since its launch in 2003 will continue to co-manage the funds alongside Asante. At present, he also remains in charge of the group’s £2.6 billion Asia Pacific range.
Aberdeen Launch Three Fixed Income Funds
Aberdeen Asset Managers has launched three offshore funds targeted at UK institutional investors. Aberdeen Core Plus Sterling Credit, Index Linked Bond and Sterling Bond will be targeted at UK pension schemes looking to invest beyond purely gilts and high rated bonds. The funds will invest in Emerging Market debt, high yield bonds, interest rates, currency and investment grade credit, in the hope of attracting institutions who want to move away from traditional core fixed income mandates.
Midas Capital to Merge with iimia MitonOptimal
Midas Capital Partners Ltd is to merge with fund management group iimia MitonOptimal plc. The new group will be quoted on the AIM market and trade under the name of Midas Capital plc, and will manage approximately £2.9bn. Midas Chief Executive Simon Edwards has said that no fund managers would leave the group as a result of the merger but he does expect some funds may be merged in due course. It's worth keeping an eye on, as such mergers can often lead to a focus on generating efficiencies for the management company rather than keeping fund owners' interests front and center.
U.S. Based Delaware Investments Launches New UCITS Range
In its first foray outside the U.S., Philadelphia-based Delaware Investments has established a new Dublin-domiciled UCITS umbrella fund. Initial offerings in the umbrella will include the following strategies: U.S. Large-Cap Value, U.S. Large-Cap Growth, Global Value, Global Real Estate Investment Trust, and Emerging Markets. The funds will be run by the same team, using the same strategies as existing U.S. offerings. Results of the funds' U.S.-based equivalents have been middling relative to their Morningstar Category peers', with Global Value earning four stars, but Large-Cap Value earning just one star, and Emerging Markets receiving three stars.
