J B Were switches overseas managers
J B Were Trusts have announced the change of the appointed manager of international equity investments, changing from Morgan Stanley to Wellington Management Company LLP.
The change due to take effect by 21 July, will affect the J B Were Overseas Pooled Fund in which the JB Were International, International Wholesale,
Balanced and Balanced Wholesale Trusts all hold units.
While Wellington still offers a bottom up investment approach, Head of Sales and Marketing at J B Were, Jim Mc Kay, says the approach is neutral. This he believes reduces volatility in returns, as opposed to Morgan Stanley's value driven basis, which is critical in working with J B Were's retail investors.
"As a manager we understand retail investors are looking for less volatility and departure from benchmarks than Morgan Stanley had delivered."
"Wellington's track record is very good, however we based the decision on style and ability to deliver more consistent performance."
J B Were will utilise Wellington Management's Global Core Equity investment approach with the J B Were Overseas Pooled Fund aiming to provide returns above the MSCI World Index (ex Australia) by investing in medium to large caps with long term growth potential.
J B Were also plan to offer a broader range of international options before the end of the year.
Wellington Management is an independent, private limited liability partnership based in Boston boasting AUD$325 billion of client's assets world-wide under their discretionary investment management.
Performance for the periods ended June 30, 1999-07-15
1 yr 3 yrs p.a 5 yrs p.a
Wellington Management Global* 9.7 26.8 20.6
Morgan Stanley (via J B Were Int'l) -4.2 19.5 16.7
MSCI Index 8.6 25.8 19.6
*Representative portfolio.
Source: J B Were & Son
AUTHOR
Jason Spits
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