Baillie Gifford has moved Michael MacPhee, formerly manager of the group's Latin American fund, onto...
Baillie Gifford has moved Michael MacPhee, formerly manager of the group's Latin American fund, onto its European desk
The move is one of several which have been made in the light of the forthcoming retirement of Max Ward. In June Ward, head of UK equities and manager of the Scottish Mortgage investment trust, announced he would be leaving the group in April 2000. At the time it was decided that James Anderson, head of European equities, would take over the management responsibilities of the £1.5bn investment trust
Ken Edwards, sales & marketing director at Baillie Gifford, said: "James has become increasingly involved in the management of Scottish Mortgage. Richard Burns, our chief investment officer, thought it would be a good idea to move Michael MacPhee on to the European desk to strengthen the team
For the moment Anderson will continue to run the group's European Oeic fund. The new manager of Baillie Gifford Latin American Oeic fund is Andrew Telfer, who was MacPhee's deputy on the portfolio
One other change to the European desk has involved Alastair Way moving to the Japanese department. The res-ponsibility for managing the European Smaller Companies fund has now been given to Euan MacDonald
Burns has also taken the opportunity to make further changes to other areas of his investment team. Peter Hollis has been replaced as manager of Baillie Gifford UK Smaller Companies fund by Iain McCombie. Previously McCombie ran the group's American Fund which will now be taken over by Mike Brewis, head of the American desk. Hollis fills the space vacated by McCombie in the US team
Edwards said: "The other changes have been made in line with house policy. We like to move our fund managers around after three or four years on one desk to give them a fresh opportunity and a new challenge
The group is currently completing converting all its 17 unit trusts into Oeics. One Oeic caters for UK and mainstream funds and the other for overseas and specialist funds they are called Baillie Gifford UK & Balanced Funds ICVC and Baillie Gifford Overseas Growth Funds ICVC respectively
The group believes the Oeics will enable it to gain greater access to the intermediaries market. Of the group's £1.7bn in unit trusts around 85% is institutional investments. Previously some of its funds were not available to the intermediary market including British 350
The Class 'A' shares are aimed at the retail market with an initial charge of 5% and an annual charge of between 1% to 1.25%. Initial commission will be 3% and there will be an annual trial commission of 0.5%. The Class 'B' shares are aimed at institutional investors with a 1% initial charge and annual charges varying between 0.4% and 0.75
Edwards said: "Once under the umbrella of an Oeic the funds' investment objectives will remain unchanged. Existing investors will be allocated shares in a class which ensures that the future charges they will pay will be no higher than those currently levied on their unitholding. Also the number of shares they receive will equate to the number of units currently held
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