BMO Global Asset Management's Peter Hewitt will use its remaining holding in Mark Barnett's Perpetual Income & Growth "as a source of cash" for the BMO Managed Portfolio trust, as he admitted to having learnt lessons from backing Woodford Patient Capital from IPO.
Hewitt said he had been reducing his holding in Perpetual, which used to be a top five holding in both the Income and Growth portfolios, but is now only a small position in the former. Woodford in talks over new venture - reports The manager said he had concerns over the amount of money Barnett was running, particularly with outflows from his two open-ended funds, the £4.6bn Invesco High Income and £2.1bn Invesco Income funds. Hewitt told Investment Week that while "it has not missed a beat on dividends, which is good, I am concerned… I think Barnett is running too much. The next m...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
