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Buxton set to burst through £1 billion

Buxton set to burst through £1 billion

Richard Buxton’s Old Mutual UK Alpha fund is poised to pass the £1 billion mark before the end of 2013.

Having started the year with less than £150 million in assets, the fund has swelled since it was revealed in March that Citywire AA-rated Buxton (pictured) would be poached from Schroders to run it.

Wealth Manager understands the fund now holds around £950 million and during the month of October alone it took in £250 million.

This has been achieved in spite of the fact Old Mutual has not been able to market the fund, but will begin doing so from 16 December.

Paul Surguy, investment manager at Sanlam Private Investment, said he was not surprised at Buxton’s success in attracting money. ‘His name is so well known in the industry that he has brand recognition.’

Surguy also noted that Buxton filled in the last part of Old Mutual’s UK equity puzzle in two ways. ‘They had one of the best small cap teams, one of the best mid cap teams, and now one of the best large cap teams.’

He added that ‘where they were lacking, if at all, was in having a public face’.

The fund selection head also highlights that Buxton is winning favour as an out-and-out large cap manager, at a time when many competitors are displaying a mid cap bias.

In contrast, Buxton’s former flagship fund, Schroder UK Alpha Plus, has shrunk from £3.7 billion in March to around £1.7 billion.

It is managed by AA-rated Philip Matthews, formerly of Jupiter, who is planning to make the portfolio less concentrated and shift it from being predominantly large cap to FTSE 350-oriented.

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Richard Buxton
Richard Buxton
30/151 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 62.96%
Philip Matthews
Philip Matthews
66/151 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 55.01%
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