The Prudential North American portfolio is enjoying large inflows of funds as investors seek an alte...
The Prudential North American portfolio is enjoying large inflows of funds as investors seek an alternative to Fidelity American following the departure of John Muresianu.
Phil Wagstaff, managing director, retail at M&G, said significant increases in investment, to the tune of several million pounds, have already flowed into the portfolio following the change at Fidelity. Most of this has come from fund of fund managers, he added.
Prudential North American, managed by Richard Brody, is ranked fourth out of 85 funds over one year, offer to bid, returning -22.9% compared to the sector average of -31.7%.
Muresianu left Fidelity earlier this month and the portfolio has been taken over by Fergus Shiel. Fidelity said it has not seen any massive redemptions in the £1.3bn portfolio since the manager change.
Other providers tipped as likely to benefit from the departure of Muresianu are Legg Mason and GAM. These funds, and Prudential North American, are top performers with strong stockpicking managers, a value bias and flexible process.
GAM North American Growth, managed by Gordon Grender, is ranked first over one year, returning -6.7%. Another strong US GAM offering is the Star American Focus fund, a Dublin-listed offshore fund managed by James Abate, formerly of Credit Suisse Transatlantic.