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F&C shuts A-rated star’s Russia fund
by Robert St George on Jul 14, 2014 at 15:06
F&C has closed two funds, including one run by a Citywire A-rated manager.
The F&C Russia fund was headed by A-rated Gareth Morgan, but contained less than £5 million. Over the past year it returned 3.6%, compared with a loss of 1.5% from the average fund in the Russian equity sector.
F&C has also wound up its F&C Asia Pacific Dynamic fund, which was managed by Ben Akrigg and June Lui. It held less than £30 million, and had returned 0.7% over the past year compared with an average loss of 0.8% from its Asia Pacific excluding Japan peer group.
‘F&C Investments is continually reviewing the viability of its fund range,’ a spokesperson for the firm told Wealth Manager.
‘As a result of recent and proposed fund flows it has decided to close the F&C Russia fund and the Asia Pacific Dynamic fund, both of which will end up being very small.’
The group added that investors in the Russia fund had the opportunity to transfer into F&C’s £100 million Eastern European fund.
That fund is also managed by Morgan, alongside Kristof Bulkai and Claire Franklin, and Russia is their largest country exposure with a 54% weighting. Over the past year it has returned 4.6% versus the sector average of 4.4%.
F&C has likewise offered Asia Pacific Dynamic investors the opportunity to transfer into its £238m Pacific Growth fund.
That is managed by Akrigg too, and has returned 1.3% over the past year compared with a sector average of 3.2%.
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