Fidelity dumps ING as fixed interest manager
Fidelity has replaced ING as one of its fixed interest managers and instead given the $34 million mandate to Grosvenor Financial Services.
Monday, 21 September 2009
ING has managed 40% of Fidelity Life's domestic corporate fixed interest pool for the past 12 years.
Fidelity says the appointment follows a review of fixed interest managers operating in New Zealand, in line with Fidelity Life's investment policy.
"There was no change to Fidelity's lead fund manager, Tyndall, which is achieving excellent results. Tyndall also manages Fidelity's Options portfolio, which has had a strong run this calendar year," Fidelity marketing manager Peter Lee says.
Grosvenor is an independent locally-owned investment manager administering more than $1.5 billion in New Zealand and Australia.
Although Grosvenor is well known for its wrap platforms, it has also built an excellent track record in managing and administering direct fixed interest portfolios over the last 10 years, Lee says. "This deal will boost Grosvenor's total New Zealand fixed interest funds to well over $200 million."
Grosvenor chief investment officer David Beattie says the company has avoided "many of the pitfalls stemming more recently from the global credit crisis."
Grosvenor's reward to risk ratio was the best of eight funds whose publicly available performance was examined over the three years to June 30. Although absolute performance was second best, its standard deviation was lowest and did not rely on swaps to generate a superior return.
Fidelity Life says Grosvenor's style will complement its other fixed interest manager, Tyndall.
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