Close Bros: Why we are steering clear of 'asset gatherer' managers

Steering clear of the asset gatherers

Matthew Stanesby, investment director at Close Brothers Asset Management, tells Investment Week why he is avoiding ‘asset gatherer' fund managers, and why he is considering reinvesting in EM debt.

How does Close manage its fund buy lists? We have a core list of 120 funds and then a smaller list of 50 funds for our self-directed clients, because not all the funds out of the 120 would be suitable for individual investors.  We have about 300 meetings with fund managers every year, or more if something is happening at a manager’s firm. These lists are the funds we like for the long term. We are looking for funds where we know and trust what they are doing. The lists have minimal turnover. We would change only about one fund per month. How do you decide which funds stay on the li...