US group Vontobel has taken over as investment adviser to Close Finsbury's North American Equity fun...
US group Vontobel has taken over as investment adviser to Close Finsbury's North American Equity fund and its onshore mirror portfolio, which launches next month.
Ed Walczak, senior vice president at New York-based boutique Vontobel Asset Management, replaces Frederick Thalmann of US-based group Jamison Eaton and Wood as manager of the portfolio.
The £3.3m Close Finsbury North America fund is Dublin domiciled and FSA recognised for distribution in the UK but the group plans to launch an onshore mirror of the portfolio on 17 March. It will also be managed by Walczak from Vontobel's New York office.
Nigel Barnes, director at Close Finsbury, said: 'We felt Vontobel had a better style, which fits more with our philosophy.' Barnes added Vontobel has an absolute return focus and runs portfolios on a more concentrated basis than the fund's previous manager.
Minimum investment in the fund is £1,000 and it is available within the Close Finsbury Isa.
Walczak has been with Vontobel, which manages in excess of $40bn, since 1988.
The £3.3m Close Finsbury North American Equity fund returned -30.5% bid to bid for the year to 31 December 2002, compared with the sector average for the period of -31.8%, according to the group.
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