Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter