news round-up
Meteor makes acquisition of NDFA and DRL’s
client investment books from administrator
Structured products specialist
Meteor has agreed to
acquire the investment
books of NDF Administration
(NDFA) and
Defined Returns Limited
(DRL) from administrators
Grant Thornton for an
undisclosed sum.
NDFA and DRL went
into administration in
October 2009 having been
unable to meet liabilities
on potential compensation
claims for Lehman Brothersbacked
plans.
Meteor has agreed to
take on all plan holders in
both companies except for
those who are invested in
the Lehman-backed
products.
It will take on responsibility
for administration of
accounts including the
processing of income payments,
surrenders and
maturities. The acquisition
will significantly increase
both its number of clients
and assets under
administration.
NDF products are currently
administered by
Opal, though these will be
transferred across to Meteor
in due course.
Meteor will be writing
to intermediaries and all
the plan holders advising
them of the changes. The
transfer is scheduled to
take place by the middle of
February.
Graham Devile, managing
director of Meteor said:
“We are delighted to have
made this purchase as we
believe this should bring
greater stability to the
structured product market,
following events of the
past few months, as well as
adding to Meteor’s growing
reputation within the
sector as a major provider
Fund manager moves
Anthony Bolton returns to
fund management
Fidelity luminary Anthony
Bolton is to make a return
to fund management, to
run a Fidelity China fund
set for launch at the end
of Q1 2010. The fund,
which has yet to be
named, will invest directly
in Chinese shares as well
as other China-related
opportunities. Bolton will
move to Fidelity’s Hong
Kong office. The firm has
also had an office in
Beijing since 2004.
Bolton is currently
president of investments
at Fidelity, having stepped
down as manager of the
Special Situations Fund –
which he had run since
1979 – at the end of 2007.
During his 28 year
stewardship, Bolton
achieved an annualised
return of 19.5%.
Sam Morse to manage
Fidelity European Fund
Tim McCarron stood down
as manager of the Fidelity
European Fund from 1
January, although he will
not leave the firm until
the middle of Q1.
McCarron will work on a
hand-over to Sam Morse
who has been named as
his successor. Morse has
been manager of the
Fidelity Moneybuilder
Growth Fund since the
end of 2006 and will
himself hand over the
fund to James Griffin, a
long-standing UK equity
manager with Fidelity,
largely on the institutional
side of the business. The
company is keen to point
out that the decision for
McCarron to leave is his
own, and that he is not
leaving to join another
portfolio manager.
Devile: ‘greater stability’
of investment solutions.
“Our third-party administration
capability is more
than capable of absorbing
the increased size of our
book, as we have recently
expanded the capacity of
this side of the business.”
Since its inception in
2007, Meteor has also
issued a full range of its
own products relating to
world equity markets, hard
and soft commodities and
property.
Harris takes on Henderson
multi-manager funds
Henderson’s Bill
McQuaker has handed
over responsibility for the
firm’s eight-strong multimanager
team to Mark
Harris as he focuses his
efforts on his role as head
of equities. Harris came to
Henderson as part of its
acquisition of New Star,
which he originally joined
in 2003.
Ex-New Star EM manager
recruited by India fund
India Investment Partners,
marketer of the closedended
India Capital
Growth Fund, has
recruited ex-New Star
emerging markets fund
manager David Cornell for
its London-based team.
Cornell has focused his
whole career on emerging
Property builds on its
popularity during 2009
Net retail fund sales totalled
£23.6bn in the 11 months to
the end of November 2009,
more than a tenfold increase
on the £2.3bn achieved in
the same period in 2008,
according to the latest data
from the IMA.
Sales for November
alone were £2.4bn, the
eighth consecutive month
in which the figure topped
£2bn. Total funds under
management were
£467.3bn, 38% higher than
the £338.7bn held in
November 2008.
Property was the top
selling sector for the second
month running, building on
its revival in investor favour
with £417m in net sales, its
highest since March 2007.
Equities proved more
popular than bonds for the
third consecutive month
with net retail sales of
£930m, nearly five times the
£187m achieved by bonds.
8
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markets, spanning roles
with Flemings and
Salomons and BDT
Investment Management.
Brazier swaps Schroders
for Threadneedle
Schroder UK Equity Fund
manager Simon Brazier has
left the firm to join
Threadneedle as co-head
of UK equities, alongside
Leigh Harrison. In his new
role, Brazier will look after
UK equity growth while
Harrison will focus on UK
equity income. Errol
Francis and Ed Meier will
take over the reins on
Schroder UK Equity Fund,
which registered a topquartile
performance of
35% cumulative growth in
the 12 months to 31
December 2009, according
to Financial Express
Analytics.
NEWS ROUND-UP
Ashcourt Rowan
merger finalised
Holding company
Syndicate Asset
Management has
completed the merger
of Ashcourt’s asset
management and
financial planning
arms with Rowan
and Company Capital
Management. As
reported in November
(page 7), the newly
formed Ashcourt
Rowan will look after a
combined 20,000 clients
with total investments in
excess of £2bn.
Mettrick is new
hire at Artemis
Sam Mettrick has
joined Artemis as
head of strategic
alliances, in charge of
developing business
with key national and
network intermediaries,
life companies and
supermarkets. Mettrick
has some 20 years’
experience in investment
management, joining
from Henderson New
Star, where he held a
similar position.
SG updates its
brand identity
SG Private Banking has
amended its brand to
become Société Générale
Private Banking. The
change enables the
private bank to reaffirm
its identity as part of
Société Générale Group
and to leverage further on
its multi-service banking
model. It also aims to
be able to highlight both
the visibility and the
reputation of its activities,
targeting in particular the
ultra high net worth client
segment.
JANUARY 2010 [www.portfolio-adviser.com] PORTFOLIO ADVISER
7
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