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.

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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter