Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a726911

European Wealth buys three funds from Hume Capital

by Robert St George on Jan 10, 2014 at 07:53

European Wealth buys three funds from Hume Capital

European Wealth, whose group chief executive Rod Gentry (pictured) is a former Wealth Manager cover star, has bought three funds from Hume Capital to enhance its fixed income range.

The firm has acquired the Hume International Bond fund, which will be renamed the European Wealth Sterling Bond fund, and the Hume Global Opportunities and Hume European Opportunities equity funds, expanding its presence in retail fund management.

John Morton, executive chairman of European Wealth, said ‘the real driver’ for the deal was the bond fund. This will be managed by Nigel Marsh, formerly of New Star, and will become sterling rather than euro-denominated.

European Wealth will also change the fund’s fee structure. On the A share class, the maximum initial charge will fall from 5.25% to 1%, while the annual charge will rise from 0.95% to 1%; the B share class’s annual charge will be cut from 0.65% to 0.25%; the X shares will be renamed as C shares and their annual charge will drop from 0.5% to 0.15%.

Morton confirmed the management of the two equity funds will remain with Hume ‘in the short term’ while European Wealth evaluated the options.

He added that it had made ‘a lot more sense’ for European Wealth to buy the funds rather than build their own due to the regulatory burden of launching new products.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the funds

  • Hume International Bond A Acc GBP
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Hume Global Opportunities
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Hume European Opportunities
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Nigel Marsh
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet