Abbey Life's fund range will not be merged into Hill Samuel's even though both sets of funds are ...
Abbey Life's fund range will not be merged into Hill Samuel's even though both sets of funds are now to be run from London.
Hill Samuel Asset Management is to assume management responsibility for Abbey Life's 70 funds and unit trusts. These are currently managed by Abbey Life Investment Services based in Bournemouth.
The agreement means the funds will now be managed from Hill Samuel's London base. The 47-strong Abbey Life investment team will all be given the option of relocating to London.
Abbey Life has a total of £14bn in funds under management, £3bn of it already managed by Hill Samuel which has £40bn under management. Both groups stated that there would not be any rebranding or merging of funds. The 70 funds will be sold as Abbey Life products and by the group's existing sales team.
Hill Samuel has a good reputation for US and Japanese equities as well as for running small cap portfolios, especially in the UK. The group's American Growth unit trust has outperformed the Abbey Life equivalent.
According to Micropal the frAA rated Hill Samuel fund over three years was ranked 24 out of 81 whereas the Abbey Life American Growth fund was ranked 34. Over one year the Hill Samuel fund was ranked 14 out of 84 and the Abbey Life fund was ranked 66.
Likewise the Hill Samuel Japan Growth fund has outperformed its Abbey Life contemporary. The frAA rated fund over three years was ranked 36 out of 63, whereas Abbey Japan was ranked 40. Over one year the Japan Growth fund was ranked 41 out of 67, whereas Abbey Japan was ranked 45.
Slow progress in improving diversity
Share purchase deal with assets of £28m
Came into effect in January
Three examples of compensation rule issues
Buying in baskets