Hill Samuel's US equity team, headed by Katherine Garrett-Cox, has been hired by Aberdeen to run all...
Hill Samuel's US equity team, headed by Katherine Garrett-Cox, has been hired by Aberdeen to run all its North American portfolios.
Until now Aberdeen's two US unit trusts and institutional funds have been managed by US-based Phoenix Investment Partners.
Martin Gilbert, chief executive of Aberdeen, said one of the reasons why he has brought Garrett-Cox and her team on board was potential institutional clients prefer all funds to be managed inhouse. Garrett-Cox and her team will join Aberdeen in around two months time.
Aberdeen's US funds have been a weak link in the group's overall fund performance.
Gilbert said: "In the last year, Aberdeen has enjoyed very strong sales and our profile in the UK has grown dramatically on the back of our fixed interest, European equity, UK equity and technology fund expertise.
"We are now looking forward to developing the potential of our US equity investment offerings."
Over the three years to 26 April the £190m Aberdeen North America unit trust is ranked 74 out of 79 on an offer to bid basis in the Standard & Poor's North America sector. During the period it rose by 39.3%.
Over the same period and on the same basis Hill Samuel American Growth, managed by Garrett-Cox, was ranked 11 and rose by 119.8% compared to an average increase of 88.6%.
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