The switch is part of the firm’s strategy to grow a bigger presence in Luxembourg, after deciding to use Luxembourg as its single, preferred centre for pan European fund distribution.
Following this decision, the firm is axing a pair of its small non-core funds. The €10.2m (£8.2m) International Global Government Bond Fund and the €10.7m International Global Technology Fund will be closed, to enable managers to focus on the firm’s other, core strategies. Additionally, the company said that due to their small size, the funds were economically not viable to run.
The International Global Government Bond Fund was soft launched in November 2007. Co-managers Russ Oxley and Stuart Thomas will focus their attention on the £3.6bn Absolute Return Government Bond Fund.
Meanwhile the Global Technology Fund was soft launched in September 2010 and managed by Geoff Paton. He will remain a member of the US equities team.
Relaunch
As part of its core focus, the company is relaunching its International Emerging Markets Select Value Fund, which is headed by Mark Julio who recently joined the management team.
The fund is being relaunched as a fundamental general emerging markets strategy, stepping away from the previous strategy which looked chiefly at countries rather than specific stocks. Julio takes over from James Smith, who will concentrate on managing the firm's Global Equity Fund.
The firm’s liquidity funds, which total £15bn AUM, will remain domiciled in Dublin.
