Christian Mayes, Author at Portfolio Adviser https://portfolio-adviser.com/author/christianmayes/ Investment news for UK wealth managers Tue, 04 Feb 2025 12:21:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://portfolio-adviser.com/wp-content/uploads/2023/06/cropped-pa-fav-32x32.png Christian Mayes, Author at Portfolio Adviser https://portfolio-adviser.com/author/christianmayes/ 32 32 Hargreaves Lansdown flags two funds for poor value https://portfolio-adviser.com/hargreaves-lansdown-flags-two-funds-for-poor-value/ https://portfolio-adviser.com/hargreaves-lansdown-flags-two-funds-for-poor-value/#respond Tue, 04 Feb 2025 12:20:58 +0000 https://portfolio-adviser.com/?p=313327 Hargreaves Lansdown (HL) has flagged four funds on performance concerns in its latest assessment of value report.

The ‘red-flagged’ strategies were the HL Select UK Income, HL Multi-manager UK Growth, HL Emerging Markets and the HL Global Bond funds. The Select UK Income and Multi Manager UK Growth funds were said to represent value overall but require additional focus. The £150m Emerging Markets and £667m Global Bond strategy, however, were found to offer poor value overall.

Following last year’s report, the investment platform overhauled the funds that were flagged.

See also: Global markets fall as Trump tariffs spark trade war concerns

On the HL Global Bond fund, the firm said that changes were being made to improve the offering with fees being reduced by 10%. The strategy has returned 2.91% over five years, according to FE Fundinfo data, lagging the IA Sterling Strategic Bond sector average of 7.37%.

While HL said that manager selection had contributed positively over the past year, the global allocation was a headwind against a peer group with a predominantly biased towards UK bonds.

Similarly, HL has reduced fees on its emerging markets fund by 11 basis points. After the fund was flagged in last year’s report, it was repositioned towards a more disciplined approach with a focus on Emerging Markets rather than Asia & Emerging Markets. HL also removed three managers and added one over the course of 2024. The fund was in the third quartile of performers within the IA Global Emerging Markets sector over five years, according to FE Fundinfo.

See also: PA Live A World Of Higher Inflation 2025

Hargreaves Lansdown CO Toby Vaughan said: “Following a period of developments across our proposition and investment processes, the focus over the past year has been on continual improvement in both, as well as the delivery of results in the form of performance.

“The trends have been positive with the majority of the multi-manager funds improving their performance and outperforming comparators over the past year.”

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Saba loses Keystone and Baillie Gifford US Growth votes https://portfolio-adviser.com/saba-loses-keystone-and-baillie-gifford-us-growth-votes/ https://portfolio-adviser.com/saba-loses-keystone-and-baillie-gifford-us-growth-votes/#respond Mon, 03 Feb 2025 16:07:50 +0000 https://portfolio-adviser.com/?p=313313 Saba Capital suffered a further setback in its bid to shake up the UK investment trust industry, after it lost votes on the future of both Keystone Positive Change and Baillie Gifford US Growth trust.

The meetings, which saw shareholders vote on Saba’s proposals to replace the current boards with their own nominees, both saw investors back the incumbent leadership.

Over 60% of votes cast in each meeting were against Saba’s proposals. 98.5% of Baillie Gifford US Growth’s non-Saba shares voted against the resolutions, while just 0.8% of Keystone’s non-Saba shares backed the US hedge fund’s proposals.

See also: Gold funds surge in January as tariff fears mount

The result follows on from a similar vote at Herald Investment Trust on 22 January, at which investors also backed the existing board.

CQS Natural Resources Growth & Income and Henderson Opportunities Trust will hold their own general meetings on Saba tomorrow, before the European Smaller Companies Trust meets on 5 February.

Edinburgh Worldwide shareholders will vote on 14 February.

As with Herald, shareholder engagement was high with 78.4% of total voting rights being used at the Baillie Gifford US Growth trust meeting.

Richard Stone, chief executive of the Association of Investment Companies (AIC), said: “It’s encouraging to see so many shareholders of Baillie Gifford US Growth and Keystone Positive Change come out and vote on this critical issue.

“The impressive turnout of retail investors demonstrates what can be achieved when shareholders are informed, enabled and motivated to have a say on their trust. Our campaign ‘My share, my vote’ aims to change the Companies Act so everyone receives information on their company and can vote.”

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Global markets fall as Trump tariffs spark trade war concerns https://portfolio-adviser.com/global-markets-fall-as-trump-tariffs-spark-trade-war-concerns/ https://portfolio-adviser.com/global-markets-fall-as-trump-tariffs-spark-trade-war-concerns/#respond Mon, 03 Feb 2025 12:17:25 +0000 https://portfolio-adviser.com/?p=313305 Global markets fell on Monday (3 February) over fears that US tariffs on Canada, Mexico and China could start a trade war.

The measures, announced by US President Donald Trump over the weekend, see a 25% tax placed on goods from Canada and Mexico, and 10% on imports from China.

In response, Canada has already announced a tariff on US goods while Mexico and China are also expected to retaliate.

At 11:45am, the FTSE 100 had fallen 1.2% since the start of the day’s trading, following similar falls overnight in Asian markets.

See also: GAM Investments hires Janus Henderson management trio

Richard Flax, CIO at Moneyfarm, says investors are increasingly concerned that these moves could trigger a cycle of retaliatory tariffs, escalating into a full-scale trade war.

“With the new administration taking a more aggressive stance than some had anticipated, markets are now reassessing his previous rhetoric to anticipate the administration’s next steps,” he says.

“The president has long held the view that import tariffs could help fund the federal budget as an alternative to raising taxes. Now, emboldened in his second term, his administration appears more determined to pursue this strategy, having taken a more measured approach during his first term.

“The initial market rally following Trump’s re-election was driven by optimism over deregulation, with investors largely downplaying the risks of protectionist policies. However, the rapid implementation of tariffs – including those targeting key allies – has forced markets to consider the economic consequences.”

He added attention will now shift to Europe, following Trump’s comments that tariffs on the EU are “definitely happening”.

“For American consumers, these tariffs are expected to be inflationary, exacerbating the financial strain from the high inflation seen between 2022 and 2023. These moves also raise questions about the Federal Reserve’s ability to cut interest rates in the near term. Given the heightened uncertainty, the Fed is likely to hold rates steady, opting to assess market conditions before considering any adjustments.”

PA event: PA Live: A World Of Higher Inflation 2025

According to AJ Bell investment director Russ Mould, markets had assumed that Trump would talk tough on tariffs before backing off when he got a deal. Therefore, his plan to act first and then talk has come as a “nasty surprise” to share prices around the world.

“Trump’s launch of tariffs in 2018 did raise revenues for America but US corporate profits took a hit that year and America’s S&P 500 index fell by a fifth, so markets have understandably taken fright this time around.

“Weirdly, stockmarkets have begun Trump’s second term in boisterous form, in marked contrast to 2016’s election result when they approached the Republican candidate’s win with caution. Ultimately, the S&P 500 gained 56% during Trump’s first term, but that came with a big wobble in 2018, when the index lost 5% overall and endured a mini bear market in the autumn, as threats of tariffs on China became reality.

“America’s tax take did benefit, as customs duties doubled in short order. The tattered state of US federal finances, where the debt is far higher now and the interest bill is surging, means this offers some good news, from an American perspective.”

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Baillie Gifford drops sustainable tag from £159m monthly income fund https://portfolio-adviser.com/baillie-gifford-drops-sustainable-tag-from-159m-monthly-income-fund/ https://portfolio-adviser.com/baillie-gifford-drops-sustainable-tag-from-159m-monthly-income-fund/#respond Mon, 03 Feb 2025 12:14:26 +0000 https://portfolio-adviser.com/?p=313302 Baillie Gifford has renamed its £159m Sustainable Income fund to comply with the FCA’s sustainability disclosure requirements.

Moving forward, the strategy will be known as the Baillie Gifford Monthly Income fund.

However, the fund’s investment process will remain unchanged. The strategy aims to deliver a natural monthly income alongside capital returns, which look to grow in line with UK inflation over the long term.

See also: GAM Investments hires Janus Henderson management trio

The strategy will continue to be managed by Steven Hay, Lesley Dunn and Nicoleta Dumitru.

James Dow, who co-manages the firm’s Responsible Global Equity Income fund and the Scottish American Investment Company, has been replaced by Jon Stewart on the fund’s portfolio construction group.

Stewart will focus on property investing, while Dow will remain linked to the strategy as its equity allocation uses the Responsible Global Equity Income model.

See also: PA Live A World Of Higher Inflation 2025

James Budden, head of global marketing at Baillie Gifford, said: “Ultimately, we believe the term ‘Monthly Income’ is more appropriate as it describes how the fund seeks to provide a resilient income stream and grow capital in real terms.

“No changes to the philosophy and process have been made to the Baillie Gifford Monthly Income Fund and we are confident that the name change gives investors greater clarity around their investment choice. We think this fund provides an excellent income solution for investors many of whom might be a long time retired.”

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Gresham House Energy Storage fund lowers management fee https://portfolio-adviser.com/gresham-house-energy-storage-fund-lowers-management-fee/ https://portfolio-adviser.com/gresham-house-energy-storage-fund-lowers-management-fee/#respond Mon, 03 Feb 2025 07:48:02 +0000 https://portfolio-adviser.com/?p=313295 Gresham House Energy Storage fund has reduced its annual fund management fees.

Having previously calculated the annual management fee quarterly as a percentage of NAV, the percentage rate will now be applied to an equal weighting of the average closing daily market cap and the NAV at the start of each quarter.

The trust’s board said that the new agreement could save £1.6m compared to a fee based solely on NAV.

John Leggate, chair of Gresham House Energy Storage fund, said: the new fee arrangement “better reflects” current market conditions and investor sentiment.

See also: PA Live A World Of Higher Inflation 2025

“The new arrangements further build on the significant alignment between the manager and shareholders by virtue of their existing substantial share ownership. 

“The next three years will involve a very intense workload for the Manager as the company delivers on its three-year plan and the Board will keep the fee arrangements under review on an annual basis.”

Ben Guest, fund manager of the fund and managing director of Gresham House New Energy, added: “We recognise the past 18 months have been tough for all shareholders.

“We are pleased to have concluded these revised fee arrangements which further motivate the manager to deliver for shareholders. Our focus is squarely on delivering against the three-year plan unveiled during the Capital Markets Day last November.”

The trust currently trades at a 62.7% discount, according to the Association of Investment Companies.

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FCA to widen wealth manager and retail access to bonds https://portfolio-adviser.com/fca-to-widen-wealth-manager-and-retail-access-to-bonds/ https://portfolio-adviser.com/fca-to-widen-wealth-manager-and-retail-access-to-bonds/#respond Fri, 31 Jan 2025 13:00:18 +0000 https://portfolio-adviser.com/?p=313292 The Financial Conduct Authority (FCA) has revealed proposals to ease retail and wealth manager access to corporate bonds.

The regulator is consulting on plans to introduce a single standard for corporate bond prospectuses, which would cover issuances of any size.

According to the FCA, this would reduce costs and barriers for companies raising capital while providing investors the information they need to make an informed decision, the regulator said.

The proposals aim to encourage listed companies to offer bonds in smaller sizes, improving investment opportunities for wealth managers and retail investors.

Meanwhile, the regulator has also proposed a simplification of requirements that apply to listed companies when they issue further shares.

“We’re opening the door for corporates to issue bonds in small sizes so that a wider range of investors can invest in them. That’s more funding for companies, more easily, and more choice for investors too,” said Simon Walls, interim executive director of markets at the FCA. 

“We want to make sure investors have the information they need to make informed decisions about risk while removing unnecessary costs and widening access.” 

PA Event: PA Live: A World Of Higher Inflation 2025

Reaction

Investor Access to Regulated Bonds (IARB), an industry working group sponsored by the London Stock Exchange, has advocated for increased retail and wealth investor access to bonds.

Commenting on the proposals, IARB chair Stacey Parsons said: “Change can only be achieved with the modernisation of both regulation and historic market practices. Today’s consultation from the UK Regulator allows exactly that.

“Offering industry stakeholders the opportunity to support a simplified and renewed regime removing complexities and delivering broader investor participation to the largest capital market in the world: Bonds. It is critical we support these changes, alongside the right education and guard rails for investors.”

See also: Is it time to re-consider thriving China funds amid their rally?

Michael Smith, head of debt capital markets at Winterflood, added: “It’s important that the proposals give issuers choice. Issuers can continue to use high denominations if they want to – but the incentive to do so, which has driven the market to favour high denomination wholesale-only bonds, is being removed. If the disclosure regime is the same irrespective of the denomination, surely, using a lower denomination makes sense because this gives you a bigger primary and secondary market. This is additive demand too.

“If an issuer really wants to restrict retail access, it can, it will select a high denomination.  I anticipate this will be the case whilst advisors and issuers observe what their peers do.  But I look at the corporate bonds that have been issued over the last few years and I just don’t see many that wealth managers and even individuals wouldn’t want to be restricted on.

“Using credit ratings as a proxy for risk, bonds listed in the UK are predominantly investment grade. Investment grade doesn’t mean risk free but if you’re going to expose retail to bonds, this is precisely where you start.  So, we are fully supportive of what the FCA is doing here.  Retail had access to bonds before 2005, so it’s not like we’re breaking new ground.”

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ECB cuts interest rates to 2.75% as central banks diverge https://portfolio-adviser.com/ecb-cuts-interest-rates-to-2-75-as-central-banks-diverge/ https://portfolio-adviser.com/ecb-cuts-interest-rates-to-2-75-as-central-banks-diverge/#respond Thu, 30 Jan 2025 15:36:02 +0000 https://portfolio-adviser.com/?p=313284 The European Central Bank has cut interest rates by a further 25 basis points to 2.75%, in a further divergence away from the Fed.

While the cut was anticipated, the ECB has sought to address weak eurozone growth with its fifth cut since June of last year.

However, David Zahn, head of European fixed income at Franklin Templeton, expects rates to fall further to 1.5% by the end of 2025.

“Analysts forecast further cuts, potentially bringing the rate to 2% by the end of 2025. The eurozone’s stagnant economy, with a Q4 2024 GDP growth of 0.0%, suggests a need for additional monetary easing. While inflation remains a concern, the economic slowdown is likely to take precedence.

“The upcoming March forecast will be pivotal in confirming the trajectory of increased ECB rate cuts throughout 2025. A more accommodative ECB should be supportive of European bonds, specifically the short end of the market.”

PA event: A World Of Higher Inflation 2025

Central banks diverge

The latest ECB cut follows the Fed’s decision to keep rates at 4.25-4.5% yesterday evening (29 January).

“The ECB’s decision to cut rates by 25bps, while the Fed appears set to hold rates steady for longer, highlights a growing divergence in monetary policy between the regions,” said Morgane Delledonne, head of investment strategy at Global X ETFs.

“While eurozone GDP remains stagnant, economic conditions are deteriorating further in France and Germany.

“Despite acknowledging that inflation has not yet returned to target, the ECB seems more focused on supporting growth, prioritising economic stability over potential inflationary risks.

“In contrast, the US and UK continue to balance persistent inflation concerns with economic resilience, suggesting a different policy outlook. The muted market reaction implies that this divergence is already fully priced in.”

See also: Is it time to re-consider thriving China funds amid their rally?

Neil Birrell, CIO of Premier Miton Investors and lead fund manager on the Premier Miton Diversified fund range, said the diverging path of interest rates will be a key consideration for the ECB at future meetings.

“The economy continues to show signs of fragility, evidenced by the Q4 GDP data, with the key French and German economies shrinking at the end of last year, although the outlook for inflation looks to be as positive as could be hoped.

“One of the key considerations for the ECB will be just how far they can diverge from the Fed through the rest of the year. While they will say they will act independently, as they have to, they will have a keen eye on the euro given it is so close to parity with the dollar.”

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Invesco rolls out US equity climate transition ETF https://portfolio-adviser.com/invesco-launches-us-equity-climate-transition-etf/ https://portfolio-adviser.com/invesco-launches-us-equity-climate-transition-etf/#respond Thu, 30 Jan 2025 12:23:49 +0000 https://portfolio-adviser.com/?p=313276 Invesco has launched a US equity ETF that tracks a version of the S&P 500 index aligned with a 1.5°C climate scenario.

The Invesco S&P 500 CTB Net Zero Pathway ESG UCITS ETF, which is an Article 8 fund under SFDR, charges 0.09% a year.

The Invesco ETF will seek to replicate the S&P 500 Climate Transition Base Pathway-Aligned ESG Index, which excludes securities that are involved in tobacco, controversial weapons, oil sands, small arms, military contracting or thermal coal; do not comply to the UN Global Compact principles; or are not covered by the index provider’s ESG data solution.

Using this methodology, the ETF aims to mitigate climate risks and provide greater exposure to opportunities in the transition towards decarbonisation.

See also: US bond market to ‘stay under pressure’ as US Federal Reserve holds rates

Gary Buxton, head of EMEA ETFs and indexed strategies at Invesco, said: “Many investors who want to include climate-related objectives in their portfolios also want similar performance to standard benchmarks.

“These two aims can be at odds with each other, so investors need to understand what they want to achieve personally with their investment and the acceptable level of deviation from the benchmark.

“We believe our new ETF offers investors the potential for closer tracking and a more representative path towards decarbonisation.”

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Chancellor labels net zero the ‘industrial opportunity of the 21st century’ https://portfolio-adviser.com/chancellor-labels-net-zero-the-industrial-opportunity-of-the-21st-century/ https://portfolio-adviser.com/chancellor-labels-net-zero-the-industrial-opportunity-of-the-21st-century/#respond Wed, 29 Jan 2025 12:49:54 +0000 https://portfolio-adviser.com/?p=313266 Chancellor Rachel Reeves (pictured) has called net zero the “industrial opportunity of the 21st century” in a major speech to business leaders on economic growth plans.

The chancellor said there is “no trade off between economic growth and net zero”, while announcing two national wealth fund investments in companies that aid the energy transition.

Connected Curb will receive £65m backing to extend its electric charging network, while a £28m equity investment was made in Cornish Metals, which provides raw material for solar panels, wind turbines and electric vehicles.

The government will also release an updated carbon plan later in 2025. while Reeves added that the government is removing barriers to delivering more offshore wind by designating areas to provide green power.

A £7.9bn investment over the next five years into the UK’s water resource management was also announced.

The speech also included backing for a third Heathrow runway and calls to reform planning processes in order to unlock growth.

James Alexander, CEO of UKSIF, said Reeves’s recognition of net zero as a major economic opportunity is “encouraging”.

“She is right to identify planning regulation as stifling investment into the UK. The UK’s prohibitively slow and opaque planning system has discouraged the flow of billions in private capital into key UK growth areas like renewable energy, electric vehicles, and nascent green technologies. But not all regulation is anti-growth.

“The UK stands to gain more from maintaining and furthering our leadership posture in sustainability, especially at a moment where other major economies risk alienating green investment by signalling regressions on climate ambitions.”

Reacting to the speech, Institute of Economic Affairs executive director Tom Clougherty said the chancellor is “saying all the right things on growth” and “should be applauded” for many of the announcements made.

“Restoring Britain’s economic dynamism simply has to be the government’s overriding objective – without that, no other meaningful agenda is possible. The challenge now is to make sure that rhetoric becomes reality,” Clougherty said.

“Can the government face down opposition to the developments that it now wants to proceed? Heathrow’s third runway will be the acid test of how heartfelt the government’s growth commitment is. After all, we have been here – and been disappointed – before.

“The government also needs to ensure that pro-growth action on specific projects is following by fundamental, systemic reforms – which mean that in future, market-led development does not depend on intervention from Downing Street for its viability. We need genuine regulatory liberalisation if this pro-growth pivot is going to be sustainable.

“Crucially, how will prioritising growth sit alongside the government’s plans on employment law and net zero? As things stand, policy commitments in those areas clearly militate against stronger economic growth. If the government is willing to rethink its approach there, we will know that they are serious about putting growth first.”

‘Europe’s Silicon Valley’

The chancellor also set out plans to create the “Silicon Valley of Europe” between Oxford and Cambridge, through investments in a series of infrastructure projects in the region.

“Low growth is not our destiny, but growth will not come without a fight, without a government willing to take the right decisions now to change our country’s future for the better,” Reeves said.

Lindsay James, investment strategist at Quilter Investors, called the plans ambitious.

“Cambridge University’s proposal for a new large-scale innovation hub in the city centre, which Reeves declared as the world’s leading science and tech cluster by intensity, marks a significant step forward. Additionally, the new growth commission for Oxford, the planned reservoirs near Oxford and Cambridge, and the improved rail links in the area are all positive developments.

“However, it is questionable whether there is the necessary scale, funding and skills to truly become Europe’s Silicon Valley. Silicon Valley offers tech companies unparalleled growth opportunities due to access to vast venture capital funding, a cluster of skills, and the sheer scale of the US market. Replicating this in the UK will be extremely challenging, so there is a very long and winding road ahead.”

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AIC calls for company law amendments to widen voting access following Saba votes https://portfolio-adviser.com/aic-calls-for-company-law-amendments-to-widen-voting-access-following-saba-votes/ https://portfolio-adviser.com/aic-calls-for-company-law-amendments-to-widen-voting-access-following-saba-votes/#respond Wed, 29 Jan 2025 10:58:20 +0000 https://portfolio-adviser.com/?p=313260 The Association of Investment Companies (AIC) has called for changes to company law to ensure platforms are required to exercise shareholders’ right to vote, following Herald Investment Trust’s recent vote on Saba Capital’s proposals to overthrow the trust’s board.

The AIC launched a campaign to ensure all investors are able to vote, called ‘My Share, My Vote’, in response to what it sees as ‘poor practices’ among some investment platforms and providers in the recent Herald general meeting.

The vote — which ultimately ended in defeat for Saba — sparked a huge turnout among shareholders, with a majority of the trust’s total shares with voting rights participating.

While major platforms have acted to keep customers informed, the AIC said, some failed to pass on voting rights and information, charge customers to vote, and decline to vote shares even when requested to do so.

Over the weekend, the Mail on Sunday revealed that Lloyds-owned platforms Scottish Widows, Embark and Stock Trader had not allowed investors to vote on the Herald proposals, though the bank has said that this has since been amended ahead of the next set of Saba votes at six other trusts.

See also: Franklin Templeton to retire Martin Currie brand after 144 years

The AIC has called on the government to make it mandatory for platforms to pass on company information and voting rights unless the customer opts out, by amending Part 9 of the Companies Act 2006.

The association also wants the government to ensure that where a customer does opt out, the nominee has a periodic requirement to confirm if this remains the customer’s preference, and allow any opted-out customer to opt in, on demand.

Richard Stone (pictured), AIC chief executive, said: “It’s simply unacceptable that investors find themselves left in the dark about their right to vote, prevented from voting or charged for the privilege. If we are serious about shareholder democracy, investors must be able to have their say.

“The large platforms have improved shareholder engagement significantly in recent years, and they have acted quickly in response to the Saba proposals. But we have to move beyond just relying on firms to do the right thing. We cannot have a situation where investors and their advisers are actively prevented from exercising their voting rights because the law allows their platform or service provider to choose not to pass on those rights.

“We are calling on the government to change the Companies Act so that nominees, including platforms, cannot avoid passing on voting rights and information to their customers. Now that investing takes place in a largely digital world, changing the law is essential for the health of our markets and to get more people engaged with their investments.”

An open letter outlining the issues was sent to business secretary Jonathan Reynolds.

Five of the remaining six trusts will vote on Saba’s proposals next week, starting with Baillie Gifford’s US Growth Trust and Keystone Positive Change on Monday (3 February).

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Franklin Templeton to retire Martin Currie brand after 144 years https://portfolio-adviser.com/franklin-templeton-to-retire-martin-currie-brand-after-144-years/ https://portfolio-adviser.com/franklin-templeton-to-retire-martin-currie-brand-after-144-years/#respond Wed, 29 Jan 2025 07:18:25 +0000 https://portfolio-adviser.com/?p=313253 The Martin Currie brand will be retired in 2025 after 144 years as part of a wider realignment of the Franklin Templeton Group.

Martin Currie’s UK investment and sustainability teams will move to Franklin Templeton’s ClearBridge brand, while its global long term unconstrained team will move under Franklin Equity Group.

The firm’s Australia and global emerging markets teams will also fall under the Clearbridge umbrella.

PA Events: PA Live: A World Of Higher Inflation 2025

In a statement, Franklin Templeton confirmed that no changes would be made to Martin Currie’s investment process or portfolio management teams, while the move would ‘maintain investment autonomy’ and allow the brand’s products to ‘achieve greater scale’ and ‘access to broader resources’.

Martin Currie, which was founded in 1888, operated independently until its acquisition by Legg Mason in 2014. Franklin Templeton then took ownership of the brand following its acquisition of Legg Mason in 2020.

Globally, the brand’s investment teams currently manage $18bn (£14.5bn) assets.

See also: Evelyn Partners sells fund solutions business to Thesis

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Kelly Prior joins Marlborough as investment director https://portfolio-adviser.com/kelly-prior-joins-marlborough-as-investment-director/ https://portfolio-adviser.com/kelly-prior-joins-marlborough-as-investment-director/#respond Tue, 28 Jan 2025 12:21:48 +0000 https://portfolio-adviser.com/?p=313245 Former Columbia Threadneedle multi-manager Kelly Prior (pictured) has joined Marlborough as an investment director.

In the newly-created role, she will work closely with the boutique’s investment teams to help shape its product range and develop new investment propositions.

Prior spent 14 years at Columbia Threadneedle and has previously held investment roles at Thames River, Credit Suisse and Rothschild Asset Management.

See also: Lipper: Bonds top the charts for European inflows in 2024

Sheldon MacDonald, CIO at Marlborough, said: “Kelly is a consummate investment professional with a wealth of experience that will be extremely valuable as we continue to develop and expand our investment proposition.

“Her appointment underlines our commitment to attracting outstanding professionals who share our laser focus on delivering great outcomes for clients. I’m looking forward to working closely with her as we continue to grow.”

Marlborough has also appointed Nick Peters as a portfolio manager within its multi-asset solutions team. He was previously the group’s investment adviser, having joined Marlborough in 2022.

Peters has held multi-asset portfolio management roles at Fidelity International and Barclays Wealth.

James Milward, formerly an oversight analyst at the group, also joins the multi-asset solutions team as an assistant investment analyst.

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