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Tom Walker's 10-year tenure on Martin Currie US fund ends
by Dylan Lobo on Sep 23, 2013 at 15:04
The move will allow him to concentrate fully on his role as portfolio manager of the £169 million Martin Currie Global Portfolio investment trust.
Penny Kyle, who was appointed co-manager on the fund in September 2012, will take over the North American fund with Edward Wotherspoon serving as support manager.
Walker (pictured) has managed the North American fund for 10 years, during which time it has returned 171% versus a 136% rise in the S&P 500.
However, Walker, who has not be rated by Citywire since losing his AA-rating in September 2008, the same month Lehmans collapsed, has found the going tougher during the recent bull run in US equities.
The fund returned 45% in the three years to the end of August versus a 64% rise in the benchmark. Meanwhile its maximum drawdown of 15.3% is ranked 83rd out of the 113 funds in the peer group.
Martin Currie said with regulatory change making investment trusts more attractive, it wanted Walker to be able to spend more time in this field.
'With recent changes to the market driven by the retail distribution review and AIFMD, investment trusts are once again returning to the fore,' the firm said in a statement.
'Coupled with this is Martin Currie’s belief that investors will continue to move assets from narrow UK-orientated funds to more diversified global offerings; we therefore wish Tom to focus more in this area.'
Walker insisted the move does not mean that the US is no longer important to the firm. 'Having been hired one year ago as my co-manager on the North American fund, Penny Kyle is now fully embedded into our business and is ready to take on leadership of this strategy,' he said.
'America remains the most significant market in Martin Currie Global Portfolio Trust and I will continue to work closely with Penny and the rest of the investment team in choosing American stocks for the trust.'
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