Saracen takes over Bloxham Income fund ahead of merger

Saracen Fund Managers has acquired the mandate to run the Bloxham Global Equity Income fund, as part of a plan to merge it with their own Global Income and Growth fund at the end of the year.

The move comes just months after stockbroker Bloxham sold its asset management division - which ran the fund - to Davy Stockbrokers. Bloxham made the sale in May this year having been ordered to cease trading after the Central Bank of Ireland discovered financial irregularities. The sale in May saw Bloxham Asset Management and its investment team, headed by Pramit Ghose, transfer to Davy along with the funds they ran. The planned merger of the Bloxham fund into the Global Income and Growth fund will boost Saracen's assets under management by £12m, while a new share class will be la...