Investment trust managers stay with their portfolios for longer than their unit trust counterparts....
Investment trust managers stay with their portfolios for longer than their unit trust counterparts.
This was the conclusion of research in the latest UK Fund Industry Review and Directory. Of the 406 managers in the investment trust sector, 8.37% have stayed managing the portfolio for five years, compared to 5.24% of the 2,120 unit trust and Oeic managers.
The staying power of unit trust managers looks slightly better over three years with 14.91%, or 316 managers, sticking with the fund over this time, compared to 12.07%, or 49 managers, in the investment trust sector.
The longest serving manager in investment trusts is Michael Moule at Henderson Global Investors, who has managed the Bankers Investment Trust since 1977, a total of 24 years. Brian Sheppard, who manages the Manchester & London Investment Trust, is the second longest server. He has been there since 1982, some 19 years.
Looking back over 10 years, there are 16 investment managers who are still managing the same investment trusts, equivalent to a figure of 3.94%. Within unit trusts there are only 29 managers, equivalent to only 1.37%.
The directory also looks at how investment trust assets under management have altered during calendar year 2000.
Over the year, JP Morgan, which has 21 trusts in its stable, went from £1.31bn to £6.4bn. Hendersons, with 13 trusts, doubled its money, rising from £3.3bn to £6.24bn, while Foreign & Colonial, with 13 trusts, stayed pretty much level, going from £5.02bn to £5.31bn.
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances