Richard Philbin, fund of funds manager at Isis, is selling out of Aberdeen Fixed Interest in his £28...
Richard Philbin, fund of funds manager at Isis, is selling out of Aberdeen Fixed Interest in his £28m AA-rated Isis Managed Growth fund. Philbin said the decision was largely brought about by his desire to reduce fixed interest and increase exposure to equity income and aggressive UK growth holdings.
He is reducing his 6% holding in the Aberdeen fund, managed by Paul Reed, and will recycle the funds into Rathbone Income, managed by Carl Stick, and Liontrust Income, managed by Jeremy Lang.
Elsewhere, he is increasing his holding in Lazard UK Growth, managed by Simon Roberts and Tony Willis.
Although Aberdeen Fixed Interest represents a 6% slice of his Balanced fund, Philbin said he is not reducing his exposure to fixed interest by that amount.
He has redirected some funds to existing fixed interest holdings that are higher up the credit scale, such as Henderson Preference & Bond. He also owns Britannic Corporate Bond, and Old Mutual Corporate Bond funds in the portfolio. The fund is also building a new position in the Baillie Gifford Corporate Bond fund.
'The decision to move out of Aberdeen Fixed Interest is largely an asset allocation decision, but I do also have concerns about the future of the company given the split capital turmoil,' he said.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till