Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Himsworth and Roberts: why we joined Eden Financial

Himsworth and Roberts: why we joined Eden Financial

News that ex Gartmore stars Leigh Himsworth and Dan Roberts had been signed by little known outfit Eden Financial came as a surprise. We scratch beneath the surface to find out what exactly attracted them to the firm.

Himsworth and Roberts surfaced at Eden Financial in the wake of the takeover of Gartmore by Henderson Global Investors.

The duo has been tasked by Eden with building a funds business for the firm beyond its traditional private client sphere. They will report to Ed Rosengarten, former M&G chief executive of equities, who has taken up the newly created position of head of asset management at Eden.

The firm is set to launch the CF Eden UK Select Opportunities fund for Himsworth alongside the Eden Global Equity Income fund which will be introduced later in the year.

At Gartmore Himsworth (pictured) was responsible for the Gartmore UK Alpha and Gartmore UK Growth funds, while Roberts managed the Citywire Selection Gartmore UK Equity Income fund.  

Himsworth managed both funds between November 2009 and March 2011. He returned 23.55% on the UK Alpha fund and 17.65% on the UK Growth fund in the period versus a 22.82% rise in the FTSE All Share. He was last rated by Citywire in January, when he held an AAA-rating.

Meanwhile Roberts managed the Equity Income fund between July 2009 and April 2011 in which time he returned 39.9 versus a 38.5% gain in the FTSE 350 Higher Yield index.

Commenting on his decision to not join Henderson or any of the dominant players in the funds industry following Gartmore, Himsworth said he found the idea of working for a larger asset management company less enticing. ‘Eden ticked a lot of boxes. Its wealth management business can provide modest seeding for the funds and having a framework and compliance is pretty appealing,’ he said.

Roberts added: ‘It is a business with a focus on investments as it is a private client business, but at the same time I have been given the opportunity to build a fund from scratch, move from UK to global equities and do it from a well established private company with a strong balance sheet. I personally believe my investment style will be suited to working alongside a private client business.’

Commenting on the up and coming launch of the Eden UK Select Opportunities fund, an all-cap fund with a growth tilt, Himsworth said: ‘I want to give investors a broad exposure to exciting companies, but I am not going to worry too much about the index,’ he explained.

Himsworth will seek to outperform the All-Share through a diversified portfolio which is likely to have exposure to engineering, smaller technology stocks and mid-sized oil companies, where Himsworth is seeing opportunities. He highlights Melrose, KofaxBowleven and bakers Greggs as top picks and hopes to raise £10 million to £25 million for the fund at launch.

Meanwhile, Roberts expects the move from UK equity income to global equity income to not prove too great a challenge, as his funds have traditionally had exposure to foreign stocks. ‘Broadening the investment universe should create more opportunities to add value for clients,’ he said.

The global equity fund is likely to target a 4% dividend yield with potential to grow over time and will launch later this year.

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter