Cazenove plans to reopen Paul Marriage's Absolute UK Dynamic fund to investors next year following a recovery in performance and the appointment of co-manager John Warren.
It launched on 7 September last year and was closed to new investment a week later, having attracted £130m in subscriptions. This year has been turbulent for the fund as outflows reduced assets from £130m to £69m following manager Neil Pegrum’s departure in April. “The fund had to sell against a long book of illiquid stocks in difficult market conditions which meant performance saw an initial dip, but it has recovered quite well,” says managing director of investment funds Robin Minter-Kemp. “We launched the fund at £1 per share, and although the price dropped to 91p when Neil left...
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
