Andrew Dove has joined Scottish Equitable as a portfolio manager on its North American equities desk...
Andrew Dove has joined Scottish Equitable as a portfolio manager on its North American equities desk and will manage the group's US Smaller Companies unit trust.
Dove was previously at Abbey Life but left when it was decided to integrate the investment management team with Hill Samuel's operation. At Abbey Life Dove managed the group's US Emerging Companies unit trust. Over three years the £19.6m fund was ranked five out of 80 in the Micropal North America peer group rising by 167.9% on an offer to bid basis with net income reinvest compared to an average rise in the sector of 86%.
If the fund was placed in the North American Specialist, where the majority of small cap fund are, it would rank one out of 20 over three years, according to Scottish Equitable.
Neil Smeaton, head of US Equities at Scottish Equitable who has run the porfolio until now, said that with the appointment of Dove the group's aim was to build up a good three-year track record on the fund, launched in March 1998. The way Dove will manage the Scottish Equitable fund will be quite different to that in which he ran the Abbey Life fund.
He managed the latter quite aggressively with a concentrated portfolio of 59 holdings. Smeaton said the US Smaller Companies fund would continue to hold 90 stocks. Dove will also contribute research on basic materials and cyclical stocks for the group's range of US funds.
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