Fund switches by multimanager providers are being made on the proviso that "current market conditions" are better suited to the "style" of some fund managers then others.
Nottingham-based T.Bailey has focused its switches on European funds, reducing exposure to Fidelity manger Tim McCarron’s European fund in favour of a greater investment in Odey manager Hugh Hendry’s Continental European fund.
T.Bailey says the switch is being done to take advantage of a different management style expressed by Hendry, who added absolute value to the fund in both 2002 and 2003.
Multimanager Richard Philbin at ISIS has meanwhile decided to reduce exposure to the Old Mutual UK Smaller Companies fund in favour of the First State British Smaller Companies fund.
Philbin says the change is because repeated interviews have failed to convince ISIS that OM’s new manager Daniel Nickols “has the same level of stock picking and asset allocation skills” as the previous manager of the UK Smaller Companies fund.
Instead, First State’s Paul Jordan benefits from a smaller, more nimble fund using a different management style “more suited to current market conditions”, Philbin adds.IFAonline
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