Norwich Union is to roll out a range of aggressively managed 30 stock portfolios from November, star...
Norwich Union is to roll out a range of aggressively managed 30 stock portfolios from November, starting with a European portfolio, writes Kira Nickerson and David Griffiths.
The group is market testing the idea with a number of key intermediaries at the moment and will look to offer more than one of the portfolios in November but it is unlikely to launch the entire range at that time.
Jeff Currington is the leading contender to run the European aggressive fund, as he already has experience managing focused portfolios for institutional mandates the group runs. However, European fund manager Iain McNeill also manages some of the 30 stock institutional mandates at the group.
In an interview with Investment Week last month, Jeff Currington said: 'We have a focused fund which we've been running for about two and a half years which has somewhere between 25 and 30 stocks in it. That actually has performed slightly better than the European Equity fund. We're perfectly used to running a higher risk, more concentrated fund.'
Currington said the group had adopted a consistent approach across its mainstream portfolios and for private clients in much more concentrated portfolios.
Currington's European Equity fund, which has a portfolio of 82 stocks, is ranked six out of 98 funds in the European ex UK sector on the back of -16.9% returns compared to the average fall of 26.6%, over one year to 25 July.
Norwich Union's UK Growth manager David Lis also manages some of the concentrated portfolios for institutional clients and may be selected to run the UK retail fund when it launches, although the group said no final decisions have been made on the managers of the individual portfolios.
Recently Morley Fund Managers, the investment arm of Norwich Union, has been recruiting fund managers, taking Michael Jennings, fund manager of the EquiSar Global Thematic, from Sarasin, and Andy Burdis from Gartmore's UK institutional team.
Norwich Union is unable to confirm either of these appointments as it is understood contract details have not yet been finalised.
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