HSBC's head of UK equities Chris Rodgers has taken over nearly &1bn of equity income money at the group.
Rodgers, manager of the flagship income vehicle at his former employer Schroders, has inherited the &487m HSBC Income and the &485m Monthly Income funds from Simon Gergel, who has left the firm.
Also manager of the &107m UK Growth portfolio, he has turned over nearly 10% of the Income fund's holdings since taking it on last month.
Rodgers has moved away from Gergel's strategy of backing recovery plays and has instead sought stocks with a proven capacity to grow income.
&The recovery bias has not worked out well in a number of areas and the portfolio has holdings in several areas where high yields were not well covered, such as electrical components. My view is that if you focus on income growth then the capital gets carried along with that,& he said.
Rodgers adopts a sell discipline that puts stocks that perform well but then see their yields fall below the market average under scrutiny. He intends to keep the yield of the portfolio's equity component between 115% and 125% of the FTSE All-Share.
£92bn transferred since 2015
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Since first announcement