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.

European Wealth buys three funds from Hume Capital

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter