TU Fund Managers has moved management of its three unit trusts, including its top performing pan-Eur...
TU Fund Managers has moved management of its three unit trusts, including its top performing pan-European portfolio, from Scottish Widows to Rothschild Asset Management.
Widows inherited the funds after it absorbed Hill Samuel, which had previously run money for TU for 39 years.
Central to its decision to make the switch was the presence of David Kiddie ,who became chief investment officer at Rothschild in September. Kiddie was previously head of pan-European equities at Hill Samuel.
At Rothschild, David Ballance will run the European fund, Charles Deptford will take over TU's UK equity fund and Michael Amey will run the UK Income fund.
Julian Wallace, general manager at TU Fund Managers, said: "We wanted a London team because it would be easier to work closely with but we were also keen to move our investment manager back under Kiddie's direction. Rather than looking at Rothschild's past performance, one is looking to the future and backing the new CIO."
Kiddie said there will not be a great change in the way the portfolio is run, now they have moved under Rothschild's management. He said: "The fundamental beliefs that drive the portfolio are very similar in both companies. The portfolio will contain large-cap stocks and will have low volatility, and we will be looking for earnings growth at the right price."
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