PSigma Income sees largest client exit ahead of Mott's departure

The PSigma Income fund has lost £100m as clients including its largest backer redeemed holdings ahead of Bill Mott's retirement.

Mott (pictured), who has been lead manager since April 2007, announced his retirement from fund management in July and will leave the fund at the end of 2014. While co-manager Eric Moore said there had been a general good reaction to the news, the fact agencies such as Morningstar placed the fund under review meant it had seen outflows. He said: "Most investors seem happy with it but there are some which have put it under review. "Our largest customer was not happy and has taken its money out on a phased basis on the back of Bill's announcement, we could not turn them." Moore sa...