Munro's team hands SLI Managed fund to Troup

Euan Munro's multi-asset team is set to step down from managing Standard Life Investments' £79m Managed fund, as the group plans to convert it into a global equity income portfolio.

Kevin Troup, a member of the group's five strong global equity team, will take over the management of the fund, which will be renamed the Standard Life Investments Global Equity Income fund.

Troup will take over the portfolio on 16 January, if shareholders approve the changes to the fund's mandate at an EGM on 7 December.

Troup joined SLI last November from Martin Currie where he headed up the group's Japanese Equities Mid-Cap fund and co-managed the Japanese Equities Absolute Return fund.

"The fund's objective will refocus from capital growth to income with the potential for capital appreciation over the long term," said a spokersperson for SLI.

"We plan to invest in a diversified portfolio of high-yielding global equities, removing the fund's bias towards UK companies.

"The new strategy will comprise our best global equity income ideas and will have, in our opinion, the potential to deliver a more attractive level of overall return to investors over the longer term."

SLI's multi-asset team is responsible for the Managed fund, led by Munro, the head of multi-asset investing and fixed income.

The fund is top quartile on both a five- and three-year view, returning 15% over five years, beating the IMA Active Managed sector average of 9%, according to Morningstar.

Over three years the fund has returned 60.1%, compared to the peer group average of 50.5%.