IW's top 15 stories of the summer
Investment Week rounds up 15 of the biggest news stories in asset management to have unfolded over the past two months.
29 June: ASI's Bambos Hambi named Quilter Investors CEO as Simpson retires
Head of multi-manager strategies at Aberdeen Standard Investments Bambos Hambi (pictured) was appointed as CEO of Quilter Investors ahead of the retirement of Paul Simpson.
Hambi, who took on full leadership of ASI's multi-manager offering in September following the departure of co-head James Millard, brings more than 30 years of experience in fund selection to the role.
30 June: Polar Capital soft closes £4.2bn Global Technology fund
Polar Capital soft closed its Global Technology fund to new investors after £1.6bn of inflows over three months increased its assets under management (AUM) to £4.5bn.
The fund, which has been co-run by Ben Rogoff and Nick Evans since 2006 and 2008 respectively, increased in size by 256.4% over the last three years to the end of June and by 51% over the past 12 months, according to data from FE fundinfo.
30 June: Keith Skeoch steps down as SLA chief executive
Keith Skeoch (pictured) announced he will step down from the board at Standard Life Aberdeen and retire as chief executive, to be replaced by global consumer banking CEO at Citigroup, Stephen Bird.
Following 14 years as a director on the board and five years as its group chief executive, Skeoch will confirmed he will serve the remainder of his contract as non-executive chairman of Aberdeen Standard Investments Research Institute, along with his seat as chair of the Investment Association.
1 July: Liontrust acquires Architas multi-manager business in £75m deal
Liontrust confirmed it will buy Architas' UK multi-manager and advisory businesses from parent company Axa in a deal worth up to £75m.
The acquisition will create a multi-asset multi-manager business with £6.6bn in assets under management and advice.
The newly combined team will be led by Liontrust's John Husselbee (pictured) with Architas' Sheldon Macdonald named deputy head of multi-asset.
14 July: Chancellor Sunak orders review of capital gains tax
Chancellor Rishi Sunak requested a review of Capital Gains Tax rules from the Office for Tax Simplification, prompting concerns from investors that there could be a "tax raid" to help offset the public expenditure accumulated during the coronavirus pandemic.
The consultation will close at 11.45pm on 20 October.
Photo: HM Treasury/Flickr CC BY-NC-ND 2.0
20 July: Sanlam hires new global equity income team run by Martin Currie's Whitehead
Sanlam announced it will employ a new global equity income team by the end of the year, to be headed up by Martin Currie's head of income Mark Whitehead (pictured).
Whitehead, alongside co-manager of Martin Currie's Global Equity income fund Alan Porter and investment analyst Laurie Lochtie, will oversee a new global equity income fund, which will be seeded with £200m of existing assets.
They will join alongside Sanlam's existing Global High Quality team, which is run by Pieter Fourie.
22 July: Invesco shuffles fixed interest team
Invesco announced a raft of promotions in its fixed interest team, amid a wide-ranging reshuffle as a number of its funds receive new management teams.
A trio of analysts - Tom Hemmant, Ed Craven and Alexandra Ivanova - were promoted to co-managers on some funds, while several fund managers received increased job responsibilities and Asad Bhatti was appointed as head of emerging markets, Henley Fixed Interest.
Co-head of fixed interest Paul Causer (pictured) said: "We believe by continually recognising and rewarding the commitment and contribution these individuals make, we will ensure our clients continue to receive the depth of investment expertise and diversity of thought their investments deserve."
29 July: ASI to combine Murray Income and Perpetual Income and Growth
Perpetual Income and Growth (PLI) investment trust will be combined with Aberdeen Standard Investments' Murray Income Trust (MUT) to create a £1.2bn UK equity income mandate.
The £642m PLI will be absorbed into the £581m MUT, pending shareholder approval, with the enlarged trust being run by ASI's Charles Luke (pictured).
PLI shareholders will be offered a cash exit for up to 20% of the shares in issue.
31 July: Value assessment forces two Baillie Gifford funds closures
Several Assessment of Value reports were released over the summer, including Baillie Gifford's, which led to the closure of two of its funds (click here to read more).
Meanwhile, it was found that almost a third of Ninety One's funds did not offer investors value (read more here), while Jupiter's AoV (read more here) highlighted that 42,000 direct investors had languished in legacy share classes.
3 August: FCA eyes 180-day notice period for property fund redemptions
The Financial Conduct Authority (FCA) proposed steps to address the liquidity mismatch in open-ended investment funds that has led to numerous fund suspensions in recent years, including the implementation of a 180-day notice period for consumers redeeming investments.
Open-ended funds have been under the scrutiny of the FCA and the Bank of England for some time, with the regulators previously suggesting notice periods and swing pricing as possible remedies for their "structural mismatch".
3 August: Crispin Odey charged with indecent assault
Hedge fund manager Crispin Odey was charged with indecent assault in relation to an incident from 1998.
The Crown Prosecution Service issued a statement on 31 July, which said Odey had been "charged with indecent assault following a complaint by a woman over an incident in 1998" and is due in Westminster Magistrates' Court on 28 September.
12 August: H1 2020 results round-up: M&G's profits halve as AUM continues to fall
Of course, the interim results of many asset management firms were also released over the summer. M&G's profits were slashed in half during H1 2020, Royal London Asset Management saw its assets under management (AUM) stagnate and Standard Life Aberdeen (SLA) saw its profits fall by a third.
12 August: 'The longest movie spoiler in history': UK economy pays 'spectacular' price for slow lockdown
Figures from the Office for National Statistics (ONS) released on 12 August found the UK is in the throes of its "largest recession on record" after growth shrank by 20.4% between Q1 and Q2 this year.
According to investment professionals, this showed "the heavy price the UK has paid" for being slower than its European peers to enter a lockdown.
19 August: Mark Martin to leave Liontrust as funds handed over to Cross and Fosh
Manager of the £88m Liontrust UK Mid Cap and £10m UK Opportunities funds Mark Martin (pictured) was placed on gardening leave "with immediate effect", following the news that his funds will be rolled into star duo Anthony Cross and Julian Fosh's £480m UK Growth vehicle.
Liontrust UK Growth, which has been managed by Cross and Fosh since its launch in 2009, aims to achieve capital growth over at least five-year periods through a relatively concentrated portfolio of 44 stocks from across the market cap spectrum.
20 August: Woodford investors to receive third payment on 26 August as annual reports delayed again
Link Fund Solutions wrote to investors to confirm the amount and date of the third capital distribution to investors in Neil Woodford's (pictured) former Equity Income fund.
As of 19 August, the fund has made available £183.2m for distribution to investors, comprised of the sale of a portfolio of assets to Acacia Research Corporation, along with additional amounts raised since the second capital distribution.
Over the months of July and August, investors typically wind down for the summer as they dap off on their holidays, or take time away from their desks to entertain the kids while they are not at school.
Over the months of July and August, investors typically wind down for the summer as they dap off on their holidays, or take time away from their desks to entertain the kids while they are not at school....
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