Aberdeen Standard Investments has expanded its Smart Beta offering with the launch of a multi-factor global equity strategy. The Smart Beta Low Volatility Global Equity Growth fund will be managed by the firm’s Quantitative Investment Strategies (QIS) team. The fund offers diversified exposure to five-factor premia, including value, quality, momentum, low volatility and small size. The investment objective is to provide investors with growth and income along with a volatility well below that of the global equity markets across a full market cycle. This is the firm's second smart-beta fund, having launched the Smart beta Low Volatility Global Equity Income fund in May 2017.
Old Mutual Global Investors (OMGI) has outsourced its $75 million Old Mutual China Equity fund to Hong Kong firm Ping An Asset Management, following the departure of Diamond Lee, who managed the firm's Asian equities team until July 2016. OMGI said Ping An will provide it with extensive research teams locally in the region while remaining well positioned to meet the fund's objective. The fund will be outsourced from 23 March and there will be no change to the investment process, objective and policy. The fund will be managed by Ping An’s senior portfolio managers, Vincent Che and Eddie Lau.
Amundi has appointed Stephanie Carbonneil as head of third party distribution for UK, Ireland and Greece. She is based in London and will report to Christian Pellis, global head of distribution, and Laurent Guillet, chief executive of Amundi’s London branch. Joining from Schroders, Ms Carbonneil spent three years managing the London office’s sales and marketing strategy for Investment Trusts.
Baillie Gifford & Co. has announced the IPO of Baillie Gifford US Growth Trust plc. The new investment trust, to which it will act as investment manager, has formally opened. The Company will focus on ‘exceptional growth companies’ in the US, which have the potential to grow substantially faster than the average company over the long term. It will invest in both listed and unlisted companies, up to a combined maximum of 90 holdings, typically with 30 to 50 listed companies in the portfolio. The maximum amount invested in unlisted securities will not exceed 50 percent of total assets measured at time of investment. Shares will be made available to investors by way of a placing and an offer for subscription including an intermediaries offer. The Company’s Shares will be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, with first day of dealings expected to be 23 March 2018. The issue price will be £1.00 per share, with IPO costs capped so that the opening net asset value per share will be no less than 98.5 pence.
Legal & General Investment Management Holdings (LGIMH) has appointed Kathleen Gallagher as non-executive director to its board. The new appointment, subject to FCA approval, boosts female representation on LGIMH’s board to 38 percent. Ms Gallagher was appointed to Legal & General Investment Management America’s (LGIMA), board in May 2017 and will remain in this role alongside her role as non-executive director on LGIMH’s board. Previously, Ms Gallagher was chief investment officer at Ford Motor Company where she had responsibility for investing $66 billion in global retirement assets.
Catella Property Investment Management increased its assets under management by 33 percent to EUR 5.6 billion in 2017, while total revenues increased 76 percent to EUR 52 million. Catella’s regulated fund operations in Germany, CREAG, and the specialised residential and student housing portfolio manager CRIM were the biggest contributors to the growth in assets under management (AUM) and profitability, said the firm. The fastest growing fund, Catella Wohnen Europa, targets German investors, while its property investments are made throughout Europe. In 2017, Catella started new regional asset management operations in Sweden, Benelux and Germany. Having expanded its regional platform to a total of nine European countries, Catella opened an office in Hong Kong in 2017 to offer Asian investors access to European real estate investments.