Hill Samuel's US equity team, headed by Katherine Garrett-Cox, has been hired by Aberdeen to run all ...
Until now, Aberdeen's two US unit trusts and institutional funds have been managed by US-based Phoenix Investment Partners.
Martin Gilbert, chief executive of Aberdeen, said one reason why he has brought the team on board was that potential institutional clients prefer all funds to be managed in-house. The team will join Aberdeen in about two months.
Aberdeen's US funds have been a weak link in the group's overall fund performance.
Gilbert said: "In the last year, Aberdeen's UK profile has grown dramatically. We are now looking forward to developing the potential of our US equity investment offerings."
Over the three years to 26 April, the £190m Aberdeen North America unit trust is ranked 74 out of 79 on an offer-to-bid basis in the Standard & Poor's North America sector. During the period it rose by 39.3%. Over the same period and on the same basis Hill Samuel American Growth, managed by Garrett-Cox, was ranked 11 and rose by 119.8% compared to an average increase of 88.6%.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress