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View the article online at http://citywire.co.uk/wealth-manager/article/a735168

A-rated manager among trio of RLAM exits

by Robert St George on Feb 19, 2014 at 10:33

A-rated manager among trio of RLAM exits

A trio of former Co-operative fund managers has left Royal London Asset Management, Wealth Manager can reveal.

Linda Desforges, who was head of external funds, resigned unexpectedly this week; it had been planned for her to remain at the business.

Desforges managed the £220 million CIS European Growth , £149 million CIS US Growth and £246 million CIS Sustainable Diversified funds. Royal London has yet to determine the future of the funds.

Sustainable Diversified is a top-quartile performer in its Mixed Investment 20-60% Shares sector over the past three years, returning 28.2% compared with a peer group average of 15.4%. European Growth is fourth quartile through the same period and US Growth third quartile, although the latter is first quartile over the past year.

As part of the integration of the Co-operative business, Citywire A-rated UK equity manager Neal Foundly and bond manager Daniel Fox have also departed Royal London.

Foundly ran the £429 million CIS UK Income With Growth Trust , which has returned 30.6% over the past three years compared with an average of 28.5% from its UK Equity & Bond Income sector.

Fox headed the £358 million CIS Corporate Bond Income Trust , which has generated 14.7% over the past three years, lagging its Corporate Bond sector’s average of 19.6%.

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