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.

F&C shuts A-rated star’s Russia fund

F&C shuts A-rated star’s Russia fund

F&C has closed two funds, including one run by a Citywire A-rated manager.

The F&C Russia fund was headed by A-rated Gareth Morgan, but contained less than £5 million. Over the past year it returned 3.6%, compared with a loss of 1.5% from the average fund in the Russian equity sector.

F&C has also wound up its F&C Asia Pacific Dynamic fund, which was managed by Ben Akrigg and June Lui. It held less than £30 million, and had returned 0.7% over the past year compared with an average loss of 0.8% from its Asia Pacific excluding Japan peer group.

‘F&C Investments is continually reviewing the viability of its fund range,’ a spokesperson for the firm told Wealth Manager.

‘As a result of recent and proposed fund flows it has decided to close the F&C Russia fund and the Asia Pacific Dynamic fund, both of which will end up being very small.’

The group added that investors in the Russia fund had the opportunity to transfer into F&C’s £100 million Eastern European fund.

That fund is also managed by Morgan, alongside Kristof Bulkai and Claire Franklin, and Russia is their largest country exposure with a 54% weighting. Over the past year it has returned 4.6% versus the sector average of 4.4%.

F&C has likewise offered Asia Pacific Dynamic investors the opportunity to transfer into its £238m Pacific Growth fund.

That is managed by Akrigg too, and has returned 1.3% over the past year compared with a sector average of 3.2%.

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 French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter