Allianz converts UK Growth to absolute return mandate

Allianz is converting its £58m RCM UK Growth fund into an absolute return portfolio the group thinks will be better placed to perform in a 'range bound' market.

Jeremy Thomas, CIO of UK equities at RCM and manager of the £58m UK Growth fund, will run the new Allianz RCM UK Absolute Return fund. He will seek to achieve returns greater than cash or bonds but with lower volatility than equities, steering clear of benchmark bias. The long book will will consist of the manager's best long-term risk adjusted ideas, while the market neutral part of the portfolio will hold long and short tactical stock opportunities. Thomas said: "Our ideas at RCM are likely to be contrarian and will be based on stocks we believe will perform over a three-year per...