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BNY Mellon shuts Walter Scott US equity fund

by Robert St George on May 23, 2014 at 11:25

BNY Mellon shuts Walter Scott US equity fund

BNY Mellon has closed a US equity fund managed on its behalf by its subsidiary Walter Scott & Partners.

The fund held less than £5 million at the time of its closure, and was run by the Walter Scott US team headed by Roy Leckie. Over the past three years it has returned 33.4%, slightly lagging the sector average of 35.3%.

‘It was thought that the small size of the fund may be preventing it from achieving the economies of scale in ongoing operating costs that would best serve the interests of investors,’ a spokesperson for BNY Mellon told Wealth Manager.

Although the fund first launched in January 1988, Walter Scott had only managed it since July 2009 after inheriting the portfolio from Mellon Capital.

The fund was run on a high-conviction basis, with for example a zero weighting to financials despite the sector comprising 15.9% of the benchmark index.

At the start of the year BNY Mellon overhauled its other US equity fund, which is managed by another subsidiary, Boston Company Asset Management. This included renaming it from BNY Mellon American to the Boston Company US Opportunities fund and switching it from a large-cap to a multi-cap focus.

In the two years Boston has been managing the £65 million fund, it has returned 40% compared with 35.6% from the S&P 500 index.

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