Management of the S&P European Growth and Fleming Flagship Europe funds has been taken over by Andre...
Management of the S&P European Growth and Fleming Flagship Europe funds has been taken over by Andrew Spencer, writes Jane Wallace
Spencer, head of UK and European pooled equities at Fle-ming Asset Management, will concentrate on the European pooled funds
Richard Webb, previously responsible for portfolios incl-uding S&P European Growth and Fleming Flagship Europe, will continue to manage the segregated accounts under William Meaden
The reason behind the move is to speed up the application of the UK desk's investment process on to the European funds
Spencer said: "Our European record is less than brilliant. We are transferring the UK desk investment process across to the European desk but it hasn't yet been fully established. The easiest way to achieve that is for me to run the funds directly
"We just have to make sure the methodology is the same and we get the same sort of results as we do with the UK funds. It's quite easy to do as the UK and European investment teams are combined
The investment process seeks both growth and value stocks with the potential to outperform, but takes small bets on a large number of stocks in a bid to keep risk low and to dampen volatility of the portfolio aga-inst its benchmark index
The S&P European fund is ranked 81 out of 87 funds in the sector over three years to 22 September with a return of 39.8%. Over one year it is 83 out of 95 with 8.1%. The sector average in the latter period was 15
For the full story on Andrew Spencer, see Fund Manager Focus on page 28
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