Isis Asset Management is to develop its Stewardship ethical funds as a separate brand as part of its...
Isis Asset Management is to develop its Stewardship ethical funds as a separate brand as part of its plans to merge the Friends Provident funds into the Isis retail range.
The group, which will drop the Friends Provident brand entirely from the retail funds, is to reduce the number of vehicles it manages down from 55 to 31.
Currently Isis manages 29 retail portfolios with the same investment team managing 22 separate Friends Provident branded funds, three of which are the FP branded ethical funds known as Stewardship.
These include the £368m Stewardship Growth portfolio, the £42m Stewardship International fund and Stewardship Income, which has £64m in assets.
The rationalisation will also see a uniformity on charging be implemented across the combined range, particularly on the bond portfolios, all of which will charge to income and not to capital.
Between the two ranges the group manages 15 UK equity funds, four of which are trackers, two of which are managed by Statestreet and two by James Harwood.
The number of funds managed by Davina Curling is also to be reduced from her current four individual portfolios across the two ranges. In Japan, overlap between the ranges is evident with three portfolios all run by the same manager, Rowan Chaplin.
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