New manager Marwood evolves Royal London UK Growth fund to reflect greater income focus

Took over fund in April

Royal London Asset Management's Richard Marwood is gradually making changes to the £516m UK Growth fund, which he has taken over since joining the group in February, to reflect the portfolio's objective shift to include an income element.

The manager (pictured), who previously worked at AXA IM for nearly 20 years, is now targeting a "combination of long-term capital growth and some income" on the fund, compared to a focus on capital growth in the past. However, although the fund's objective has been altered, there are no plans for a name change. Currently, the portfolio is yielding 2.8%. Marwood has added stocks such as Croda and Inmarsat, while reducing the fund's position in water utility Severn Trent, but said changes will be gradual as "too many too soon" could be detrimental to unitholder returns. RLAM hires HS...