SWIP hands European Income fund to McNaught-Davis

SWIP's Mike McNaught-Davis has temporarily taken over responsibility for the SWIP European Income fund as co-manager Steven Maxwell takes extended sick leave.

OBSR said it has suspended the £47m fund's A-rating due to the circumstances.

"OBSR is saddened to hear the news that Steven Maxwell, manager of the SWIP European Income fund, is taking extended sick leave," the group said.

"While the European Equities team at SWIP is well resourced and the fund continues to be managed according to the long-established process, it is suspending the fund's OBSR A-rating due to the change in circumstances. Mike McNaught-Davis has taken interim responsibility for the fund. OBSR extends best wished to Mr Maxwell well for a speedy recovery."

A spokesperson for SWIP reassured clients McNaught-Davis is well equipped to maintain the fund's performance.

"Mike McNaught-Davis, co-manager of European Income and head of international equities, continues to manage the fund, with the support of SWIP's 23-strong international equities team.

"SWIP's team approach to fund management will ensure continuity of fund performance and service to our clients."

The fund has returned 7.3% over three years to 6 January against the 20.6% peer group average and fallen 14.7% over the past year against a 13.2% average fall, according to Morningstar.