Framlington has already pencilled in the funds it expects George Luckraft and Nigel Thomas to run wh...
Framlington has already pencilled in the funds it expects George Luckraft and Nigel Thomas to run when they join from ABN Amro.
While no definite plans have been made, the group expects Thomas to take on Capital Trust, the UK small-cap unit trust currently managed by Richard Peirson, and turn it into a special situations vehicle. The portfolio was launched in 1969 with the original mandate of being a special situations fund.
Luckraft is expected to run four of Framlington's existing income funds: Extra Income, Quarterly Income, Monthly Income and UK Bond.
At present, Stephen Payne manages the Extra Income and Monthly Income funds, while Chris Murphy runs Quarterly Income and UK Bond.
Thomas and Luckraft will work with Framlington's UK team, which also includes small-cap specialists Roger Whiteoak and Brian Watson.
ABN is already looking to replace Luckraft and Thomas, who ran four funds at the group: UK Growth, UK Select Opportunities, Equity Income and High Income. ABN may hire up to three UK fund managers to cover UK growth, UK special situations and income.
The group will not comment on the reasons for the managers leaving, but Nick Wells, product and communications director, said it had nothing to do with the culture of the group.
Wells stressed that while ABN's UK business has been built around Thomas and Luckraft, it has begun to diversify, with the recent launches of its North American Growth Fund and the Premier Funds Service, run by Aidan Kearney.
He added: 'ABN Amro's commitment to the UK remains strong and this diversification will continue. We have a global fixed income utility we have not yet tapped into onshore, so this may be an area we go into.'
Wells said ABN is also looking into altering the mandate of its pan-European fund, which, over three years, is ranked bottom in the Europe including UK sector, returning -25.1%, compared to the sector average 12.6%. To change this fund to a continental Europe mandate, ABN will have to get unitholder approval, Wells said.
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