Select Asset Management restructures specialist funds
Select Asset Management is restructuring its specialist funds after a review of its portfolio operations during market volatility that affected its retail investors.
“It’s our view that retail investors have had a very poor experience when individually trying to select their own specialist funds and manage those within their overall portfolio without actually understanding how they should fit in within the context of their overall wealth management plan,” said Select head of corporate development Andrew Fairweather.
Fairweather said after a review of their operations, the company decided that third party distribution was not a business they wanted to be in.
Select will close down its Gottex Market Neutral and Enhanced Market Neutral retail funds, restructure its retail Private Equity fund into a wholesale fund, and rebrand its Futures fund and Gold fund under Aspect Capital and Baker Steel.
Select has also made changes to its management team as a result of the review, promoting Fairweather to chief executive on the board of Select. Robert Graham-Smith has been appointed to head of portfolio management while Michael Winchester has been appointed head of research.
AUTHOR
Benjamin Levy
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