Tuesday, October 31, 2017
GAM launches new UK equity income fund
GAM announced today the launch of GAM UK Equity Income managed by Adrian Gosden who recently joined the company as investment director.
The fund is structured as a UK Open Ended Investment Company (OEIC) and invests using fundamental analysis to identify robust UK companies with sustainable dividends. The strategy seeks to provide both income and capital appreciation by investing in UK companies of all sizes. The long only fund aims to offer a liquid and diversified portfolio with expected low constituent turnover.
Gosden, who joined GAM in September 2017, has 20 years’ investment experience, 18 of which he has spent managing income funds. He will manage the fund with Chris Morrison, who joined GAM in 2011 and has 12 years’ investment experience.
Adrian Gosden said: “This is a core fund with the flexibility to invest across the UK equity universe. Despite good progress in the market, we are still finding interesting income opportunities – some fuelled by management actions and others in less popular industry sectors such as financials and industrials. The fund uses tried and tested techniques to invest in around 50 companies of varied sizes, creating diversity of sector and market cap. Clients are central to our aim of producing consistent returns in a clear and responsible manner.”
Douglas Branson, head of UK distribution, said: “The launch of GAM’s first UK equity income fund builds on our long history of equity investing across a breadth of styles and further strengthens our offering to UK advisers and wealth managers. Attracting and recruiting such a well-known and talented fund manager as Adrian underscores the strength of GAM’s brand, our solid commitment to the UK market and to fulfilling our clients’ needs. In today’s low growth, low interest rate world, the importance of consistent and sustainable income for client portfolios has never been greater.
“This follows the launch of three UK OEICs in May of this year that have also generated encouraging interest from the intermediary community. They cover continental European equity, emerging market equity and global credit.”
The fund is domiciled in the UK and at launch it will have an annual management fee of 0.75% with an estimated on-going charge figure of 0.88%.
Before joining GAM, Adrian Gosden worked for 13 years at Artemis, where he was a partner and fund manager. Adrian co-managed the Artemis Income and Artemis High Income funds as well as income mandates, totalling about GBP 10 billion. Prior to joining Artemis in 2003, Adrian managed a number of accounts for institutional clients and co-managed the retail SocGen UK Income fund. He joined Societe Generale Asset Management in 1999 after working for Fleming Investment Management and Andersen Consulting. He has a first class degree in Chemistry from St Hugh's College, Oxford.
Chris Morrison is an investment manager responsible for fund management and investment strategy of UK equities. Since joining GAM seven years ago, he has concentrated on UK equities and in particular the recovery-oriented UK Diversified fund. Prior to joining GAM, he spent five years at the Bank of Tokyo Mitsubishi UFJ Asset Management UK Ltd where he became a fund manager responsible for running European equity portfolios. Chris Morrison holds a BSc in Economics and Mathematics from the University of Bristol and is a CFA charterholder. He is based in London.
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GAM is one of the world’s leading independent, pure-play asset managers. The company provides active investment solutions and products for institutions, financial intermediaries and private investors. The core investment business is complemented by private labelling services, which include management company and other support services to third-party institutions. GAM employs over 900 people in 13 countries with investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan and Lugano. The investment managers are supported by an extensive global distribution network.
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