The fund managers' view

Richard Philbin, Head of F&C Multi-Manager New Star has set its stall out as a pure investment business with no set process across the company, which gives fund managers autonomy to buy and sell as much or as little as they want. Richard Pease for instance on the European Growth fund has about 75 stocks with a mid cap bias, but Tim Steer on the UK fund has only about 40. The management and staff seem to have strong incentives to perform - both through equity and long-term bonus plans - albeit over a rolling three and five year time frame, not the previous twelve months. They are being pri...