Sanlam strips Pictet of global equity mandate

Sanlam Universal Funds is handing the management of its Global Equity fund from Pictet to Centre Asset Management.

The management of the Dublin-domiciled £8m fund, formerly headed up by Pictet's Richard Ormond, is shifting to US-based adviser Centre after almost five years under his tenure. The move, effective from 1 April, is followed by a change in the investment policy, with the maximum investment allowed in collective investment schemes raising from 10% to 20% of the net asset value of the fund. This translates into greater flexibility for the manager to invest in UCITS III funds from the among the member states listed by the regulator.