Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

BNY Mellon shuts Walter Scott US equity fund

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter