Close Finsbury Asset Management has appointed Mirabaud Investment Management to run its UK Equity fund, which has been renamed the Close Finsbury UK Growth fund.
From 5 June, the fund, which was previously run by James Barstow at Mars Asset Management, will be managed by Philip Watson, chief investment officer at Mirabaud.
Under Mars' tenure the fund's cumulative performance over three years returned 69.4% compared to its benchmark, the FTSE All-Share index at 79.1%. However, the vehicle's discrete performance in 2004 and 2005 was poor, with fund returns less than half of the index.
Mirabaud will run the fund with higher alpha and less beta than the current version. It will invest in some 40 stocks with weightings ranging from 1% to 6%.
Watson said: "The first job we have with the fund is to bring it into line with our other portfolios. We like to split our stocks between the four major sectors (banks, oil and gas, pharmaceuticals and telecoms) and the rest of the market, with stocks generally at the lower end of the FTSE 100 and upper FTSE 250. We will always have a minimum of 50% in that big four."
The fund will have no initial charge and an AMC of 0.75% during the offer period, which runs from 5 to 9 June, after which there will be a 4.5% initial charge and 1.5% annual fee. Minimum investment in the fund is set at £1,000.
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