interactive investor puts two Super 60 funds and an investment trust under review
The Janus Henderson European Select Opportunities fund and the trust’s reviews were triggered by the upcoming retirement of their fund managers.
The Janus Henderson European Select Opportunities fund and the trust's reviews were triggered by the upcoming retirement of their fund managers, ii explained.
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At Janus Henderson, John Bennett, who is lead manager of the Continental European, European Focus and European Select Opportunities funds, will retire at the end of August 2024, after 12 years at the company and 43 years in the industry.
Dzmitry Lipski, head of funds research at ii, noted his successors have been named — co-managers Tom O'Hara and Tom Lemaigre — but he said the platform will want to evaluate the change to the investment team before making any decisions.
For the Murray International trust, manager Bruce Stout will retire in June 2024 and his two co-managers, Samantha Fitzpatrick and Martin Connaghan, will take over. Lipski said the ii team sees Stout's departure «as a loss» due to his contrarian, value-based approach.
He noted, however, the platform does not foresee any significant changes to the portfolio in the short term.
GAM repays Liontrust loan in full
On the GAM front, ii placed the GAM Star Credit Opportunities fund under review following its failed sale to Liontrust.
Lipski said: «The proposed sale of GAM to Liontrust fell through and, as a result, the board of directors has been ousted, while a plan has emerged, championed by a group of activist investors, to restore GAM to profitability through cost-cutting and other measures.
»This fund is sub-advised by third-party manager Atlanti and distributed by GAM and its management
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