Major fund houses suffer outflows after
resignations
By Bradley Gerrard
Big-name manager moves have coincided with three major
asset team, Percival Stanion, left the group with two other
fund houses falling to the bottom of the 2014 inflow rankings,
members – Andrew Cole and Shaniel Ramjee – to join rival
a report by Capital City Media shows.
Pictet.
The report showed Invesco Perpetual, Baring Asset
The group’s retail multi-asset fund was roughly £1bn in size,
Management and Schroders suffered the highest levels of
but since the team’s departure it has shrunk to just less than
outflows last year, putting the trio at the bottom of the 95-
£300m, according to data from FE Analytics.
strong table for total retail and institutional funds under
management in the UK.
The group is hoping to revive its fortunes in the multi-asset
space, though. It has converted its multi-asset £39.2m
All three firms were hit by major manager departures, with
Baring Portfolio fund into the Baring Dynamic Capital Growth
Invesco Perpetual suffering further outflows after Neil
fund and relaunched it to target “members of pension
Woodford had outlined plans for his new business.
schemes that fall under the new auto-enrolment legislation”.
The report showed the Henley-based asset manager
The Capital City Media report suggested the group lost just
suffered nearly £1.9bn in outflows, judging by its assets
more than £1.4bn in 2014.
under management (AUM) in December 2013 compared with
a year later.
Schroders was also the victim of a shock fund manager
departure after UK equity star Julie Dean quit the firm to join
Funds such as Paul Causer and Paul Read’s £3.2bn
some of her former Cazenove colleagues at Sanditon Asset
Distribution fund have continued to attract assets, which will
Management.
have helped the group, as well as Mark Barnett’s strong
performance.
Mr Barnett has delivered top-quartile performance on the
£6.8bn Income fund since he took it on in March last year.
Barings has endured outflows after the head of its multi-
Ms Dean had moved across to Schroders with her UK
Opportunities fund when it bought Cazenove and had taken
on the UK Growth investment trust at the group.
Matt Hudson, who was previously with Cazenove, has now
taken on the fund.
Capital
City
Media
used
data
from
the
Investment
Association to demonstrate how funds under management at
fund groups had changed.
The report showed the UK Equity Income sector was the
biggest seller throughout 2014, driven no doubt by Mr
Woodford’s fund, which now has £4.7bn.
Invesco Perpetual had not responded to requests for
comment by the time of publication.
A Schroders spokesperson said the company could not
comment as it was in a closed period, with its results due on
March 5.
Barings declined to comment.
Investment Adviser, 23/02/15