The merger of ABN Amro's retail business with Artemis will see ABN managing director Dick Turpin hea...
The merger of ABN Amro's retail business with Artemis will see ABN managing director Dick Turpin head the sales and marketing side, while Artemis managing director Jamie Campbell's role is to be altered.
Campbell is to stay with the group but his role is expected to change, although the details of this have yet to be finalised.
Artemis managers Mark Tyndall, Derek Stuart and Adrian Frost will assume management of the ABN funds, although, for now, the ranges will be managed separately. While in time, most of the two ranges will be rationalised, the group has begun discussions with key intermediaries about the possibility of keeping the two UK Growth funds separate.
As the Artemis fund is smaller, it is likely to be kept as a multi-cap UK growth fund, while the larger ABN portfolio, which currently has 58% in large caps, would be run as a blue-chip vehicle.
Tyndall, chief executive at Artemis, will run both funds for now but Artemis is looking to add to its fund management team.
Tyndall said that, while blue chip is one that has been suggested, another idea may be to turn it into a growth and income fund, run on a large-cap, total return basis. Artemis has shelved its plans to launch a UK high income fund following its merger with ABN Amro as Adrian Frost will be stepping into George Luckraft's shoes to manage ABN Amro UK High Income .
Frost, who currently manages the Artemis Income fund, said the group's priority at present is to concentrate on managing and bedding down the existing Artemis and ABN funds, rather than launch new products.
Like Luckraft, Frost is known as an equity manager rather than a bond manager. He believes he does not have to be a bond specialist to be able to run the fixed interest element of the High Income fund. Frost said: 'To my mind, what is happening in this fund is no different to what I would have pursued in the new Artemis fund.'
ABN and Artemis are also discussing ABN's pan-European fund with intermediaries. Before the merger with Artemis, ABN had been looking at altering its objective to investing in Continental Europe.
Philip Wolstencroft manages Artemis European Growth which, over one year to 5 June 2002, is ranked three out of 104 funds in the Europe ex-UK sector, returning 0.2% compared with the sector average -14.3%, offer to bid.
The ABN Amro Pan Europe fund, managed by Guido Van Der Burg out of Amsterdam, is ranked bottom of the Europe including the UK sector over one year to 5 June 2002, returning -30.1%.
As a result of the merger, Artemis is also picking up ABN's newly acquired Premier Funds Service, run by Aidan Kierney.
Kierney has an open investment brief on the fund of funds service and so does not have a policy of not investing in in-house funds. As a result, he will not have to sell his current holding in Artemis Equity Income.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected