Aegon Asset Management is to launch a US focused fund and split its fund range into three distinct s...
Aegon Asset Management is to launch a US focused fund and split its fund range into three distinct stables.
The US tactical fund will be run by Aegon's US team and managed in a similar way to the group's existing focused funds, with a portfolio of between 30 and 50 stocks.
Under the reorganised structure of the fund range, the underperforming £9.3m UK Blue Chip portfolio is to be merged into the more robust £291m UK Equity Growth fund, which will retain its name under the current manager of both funds, Steven Laidlaw.
Jon Bennett, director of retail fund management, said that managers with retail mandates will focus solely on those, dropping all institutional mandates. This is designed to enable Aegon to improve performance.
The three stables of funds, tactical, specialist and mainstream, are populated according to fund type, making Aegon's marketing proposition clearer.
The specialist group will consist of funds in investment areas that constitute less than 10% of world stock markets. These include the group's Ethical, UK Socially Responsible Investment, European Smaller Companies and Latin American funds.
The tactical sub-sector consists of higher risk funds including the US focus fund, which is to be launched later this year. This will add to a European Worldwide Tactical and UK Tactical fund, already launched, but will not include the Far East Tactical fund, which is to be renamed the Aegon Far East and put in the specialist grouping.
The reorganisation of the fund management operation creates five business units: discretionary sales, advisory sales, remote sales and contact management and product development.
Steve Kenny is head of advisory sales. Debbie Halley, head of remote sales, will lead web and telephone-based business development. Scott Lee will head the contact management division, dealing with administration and dealing issues, and Helen McGill, head of product strategy, will be in charge of formulating products and literature. Discretionary sales will be headed by Jerry Devlin.
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