Investment Adviser articles from August 2002

Investment Adviser archives from August 2002

Banks hit by debt worries.(Brief Article)
August 5, 2002... A leading fund manager has moved to an underweight position in the banking sector over future debt fears. Derek Lygo, the head of UK equities for First State Investments who is in charge of 15 funds, said: "I had an overweight position in...

Legg Mason is to launch five Oeics.(Legg Mason Investors )
August 5, 2002... By Simoney Girard & Sam Dunn Legg Mason Investors is to launch five offshore Oeic subfunds within six weeks. Royce & Associates and Western Asset Management will run four of the funds. FSA approval for the five subfunds two equity...

Mazars defends its Imperial role.(Mazars Neville Rusell denies conflict of interest )(Brief Article)
August 5, 2002... THE administrators of Imperial Consolidated have denied a conflict of interest after it emerged that its IFA arm had sold Imperial funds. The Leeds High Court appointed accountants Mazars Neville Russell as administrators of the GBP200m...

Appointments.(investment management firms announce appointments)
August 5, 2002... First State Investments has appointed Lucy Allan as head of investment trusts. Ms Allan will be based in London and will report to Stuart Paul, chief investment officer. Her appointment follows the announcement of Teddy Tullochs retirement at...

Investment grade issues exceed 5%; Corporate bond funds offer low risk.
August 5, 2002... John Hatherly In todays uncertain financial markets, any asset class that can be relied upon to produce a steady return deserves to be highly prized. In the first half of 2002, investment grade corporate bonds, like gilts, have...

Jupiter financial fund tops sector.(returns 180 percent fiver years)
August 5, 2002... By Sharon Smith A top-performing Jupiter fund has returned 180 per cent over five years, a nine-fold gain on the sector average. Jupiter Financial Opportunities, managed by Philip Gibbs, is top of Standard & Poors Specialist sector...

European, US equities are cheap ABN Amro.(ABN Amro research)(Brief Article)
August 5, 2002... European shares are now very cheap and US equities are fair value, according to research by ABN Amro. The banks market focus report found the risk premium on European equities was considerably higher than its long-term average of 3.4 per...

Advice back in favour.(investors seek more advice, according to survey )(Brief Article)
August 5, 2002... Plunging markets have increased investor desire for professional advice, according to an IFA RJ Temple survey. Some 14 per cent of respondents said they would seek professional investment advice. This compares with a survey in October last...

UK position punishes Witan.(Witan Investment Trust experiences slow growth)(Brief Article)
August 5, 2002... AN UNDERWEIGHT position in the UK has slowed growth in the GBP1.5bn Witan Investment Trust. The second-largest investment trust managed by Henderson Global Investors is underweight in the UK at 55 per cent as it moves to generate returns...

Slight rise in sales of investment funds.(Brief Article)
August 5, 2002... By a staff reporter Sales of investment funds in Britain rose marginally in the second quarter of 2002 as retail investors looked for bargains. In net terms, total industry sales were up to GBP2.72bn compared with GBP2.71bn in the same...

Frank Russell appoints Martin Currie to run two Japan funds.(Brief Article)
August 5, 2002... MULTI-MANAGER Frank Russell has ditched Zurich Scudder Investments and appointed Martin Currie to manage two Japan funds. Edinburgh-based Martin Currie will manage the two balanced funds the $770m (GBP542m) Japan Equity fund and the $337m...

Platinum launches conservative product.(Platinum Capital Management introduces fund)(Brief Article)
August 5, 2002... Platinum Capital Management has launched a fund in response to investors concerns about market volatility. Billed as Platinums "most conservative" product, the protected fund gives an assured return of 110 per cent of initial capital after...

Investment Adviser Diary.(briefs)
August 5, 2002... Fund managers are taking the Mickey A growing number of UK fund managers are picking the same investment Eurodisney. Casting off stereotypes as holidaymakers happy to read charts by a pool in the Algarve, more fund managers appear to be...

Emerging markets under fire.(emerging markets do not always provide protection to investors when developed markets are struggling)(Brief Article)
August 5, 2002... By Sam Dunn THE role of emerging markets as an investment alternative when developed markets are rocky has been undermined by a new report. According to research from investment consultancy Watson Wyatt, investing in emerging markets...

Collecting costs plan sparks row.(Financial Service Authority's proposals could baffle investors )(Brief Article)
August 5, 2002... FSA proposals for an alternative method of collecting costs on collective investment schemes could confuse investors, fund managers claim. However, the FSA said IFAs had, in general, responded favourably to its March Consultation Paper...

Unicorn launches UK small cos fund.(Unicorn Asset Management)(Brief Article)
August 5, 2002... Unicorn Asset Management has launched a UK Smaller Companies fund. The company has signed an agreement with Matrix Money Management, which will distribute the Unicorn Oeic range to intermediaries. Matrix raised GBP35m for Unicorns...

Bear fund beats benchmark.(Govett US Bear fund posts substantial increase)(Brief Article)
August 5, 2002... By Ashutosh Kumar The Govett US Bear fund has capitalised on falling markets to post robust results. The fund, launched in 1998, climbed 8.4 per cent in the past year against a 30 per cent drop by its benchmark. The GBP32m US-based...

Gartmore to move to Oeics.(fund manager to convert unit trusts )(Brief Article)
August 5, 2002... Gartmore is planning to convert its 46 unit trusts into Oeics. The fund manager, which has plans to launch a retail fund of hedge funds and a special situations fund, said funds would not be merged and charges would stay the same. The...

Deutsche aims to build IFA support.(Brief Article)
August 5, 2002... Deutsche is targetting IFAs with a roadshows to coincide with its rebranding to DWS Investments in September. The group will announce the details of a number of new funds in mid-August, which are believed to include an income fund, a global...

Crackdown on analysts.(Financial Service Authority considers options in dealing with biased analysts recommendations)(Brief Article)
August 5, 2002... By Ashutosh Kumar Leading fund managers claim they will be unaffected by the FSAs crackdown on biased analysts recommendations. But industry experts believe fund managers could be playing down their dependence on external analysts...

European team leaves Old Mutual.(Old Mutual European funds)
August 5, 2002... By Ashutosh Kumar IFAs are divided on whether to recommend Old Mutual European funds following news the European team has disbanded. The European funds were managed by Adrian Farthing, head of European equities, but he and the rest of...

Morley suffers GBP8m loss.(Brief Article)
August 5, 2002... Morley UK has reported an GBP8m loss, compared with a GBP5m profit last year. Worldwide operating profits were also decimated, falling to GBP3m from GBP24m last year. UK retail investment sales amounted to GBP313m, down from GBP557m...

Batty quits as Asia head at Newton.(Martin Batty resigns )(Brief Article)
August 5, 2002... Martin Batty, director of Asia Pacific equities for Newton, has resigned. He will be replaced by Miki Sugimoto, who will take charge of the Newton Japanese Oeic, which she will manage alongside the offshore MGF Japan fund. Mr Batty had...

Equity income funds top best-sellers list.(Credit Suisse Income and Liontrust First Income are top sellers )(Brief Article)
August 5, 2002... Credit Suisse Income and Liontrust First Income were Cofunds top sellers in the first half of 2002. The two funds, managed by Bill Mott and Jeremy Lang respectively, displaced Gartmore European Selected Opportunities (Roger Guy) and...

Friends Ivory to axe 200 staff.(Friends Ivory & Sime )(Brief Article)
August 5, 2002... FRIENDS Ivory & Sime is to slash staff numbers by a third. Following the acquisition of Royal & SunAlliances Investment Managers earlier this year, the company has revealed its headcount would be cut from the 750 at the time of the merger,...

Digenan to run UBS retail American fund.(Tom Digenan selected to manage fund )(Brief Article)
August 5, 2002... By Andrew Starke UBSs new retail American fund is to be run by institutional manager Tom Digenan. But several IFAs said they would not recommend the fund because the manager does not have a proven track record. The core US fund...

FIS, Royal appoint salesforce.(Friends Ivory & Sime and Royal & SunAlliance Investments)(Brief Article)
August 5, 2002... Friends Ivory & Sime and Royal & SunAlliance Investments have appointed a 19-strong senior sales team. The team at the combined fund management house will be jointly led by Michael Lynch, of R&SAI, who will head intermediary sales, and by...

Burvill quits Investec to join Gartmore team.(Chris Burvill resigns )(Brief Article)
August 5, 2002... Investec was dealt a blow this week with the resignation of long-standing manager Chris Burvill. Mr Burvill, who has been at Investec for 10 years, has been lured to Gartmore and will join as head of UK equity income. Mr Burvill...

Merrill Lynch gold fund loses its shine.(Gold & General Fund)(Brief Article)
August 5, 2002... MERRILL Lynchs Gold & General fund has slipped in the past two months from top to bottom quartile in its sector. Five months ago it ranked first out of 40 funds in the specialist sector. Over one month it now ranks 37 out of 41, according...

BGI reports profits of GBP60m.(Barclays Global Investors)(Brief Article)
August 5, 2002... BARCLAYS Global Investors announced annual operating profits to end-July 2002 of GBP60m, up from GBP37m the previous year. The fund management arm of Barclays attributed the result to the success of its exchange traded funds business....

AmEx launches 7 UK IFA Sicav funds.(Brief Article)
August 5, 2002... By Ashutosh Kumar American Express Bank has launched seven Sicav funds to be sold in the UK through IFAs. This brings the total number of funds to 26. Of the new funds, three have been outsourced to other fund managers. The rest...

Odey to launch three funds.(Brief Article)
August 5, 2002... Odey Asset Management is to launch three funds in Autumn. The company, primarily known for its hedge fund management, will launch an Oeic investing in Japan, a pan-European offshore fund and a European hedge fund. Hugh Hendry, a...

Win Exweb subscriptions at Expo.(Brief Article)
August 5, 2002... FINANCIAL Adviser Expo 2002 and the Exchange are offering advisers the chance to win subscriptions to IFA portal Exweb. The expo, which is run by IAs sister paper Financial Adviser, will give IFAs an opportunity to see the latest in...

New Star bond funds set to fly; James Gledhill to manage global corporate bond. Theo Zemek to run vanilla product.(New Star Asset Mngt)(Brief Article)
August 5, 2002... By Sam Dunn NEW Star is to launch the first of two bond funds on 23 September. James Gledhill, poached from Morley Asset Management and soon to start work after gardening leave, will manage a high yield global corporate bond fund. It...

Britannic considers new fund.(Britannic Asset Mngt)(Brief Article)
August 5, 2002... Britannic Asset Management is considering launching a protected product which invests in a fund of hedge funds. The Glasgow-based asset manager is contemplating outsourcing the management to London-based hedge fund manager Grosvenor. ...

Major players take a hit.(Brief Article)
August 5, 2002... Fidelity Investments funds are down an estimated GBP1.32bn from May to June, according to IMA figures. The fall represented 6.9 per cent of Fidelitys total funds under management GBP19.11bn. Fidelity is the biggest manager in the UK by size...

Measuring up to benchmarks; The concept of benchmarking could be crucial for an asset management firms investment process, says Stephen Vakil.(FTSE Private Investor indices)
August 5, 2002... Until 1997, the year in which the FTSE Private Investor indices were introduced, there was no widely accepted and easily accessible industry standard benchmark against which the performance of private client portfolios could be judged. ...

Teeing off with index people.
August 5, 2002... What do these index people do all day? It seems there are two views: They hit F9 on their keyboard and go out to play golf all day They are out there bidding up large stocks and fuelling the tech bubble The truth is fortunately...

Making waves; William Russell looks at Ron Sandlers proposals to turn the tide on commission influenced investment advice.
August 5, 2002... Much like Myners before it, the Sandler report has hit the investment industry with the force of an underground detonation. The distant rumbling has been heard and we feel sure that the ground did in fact shake, but as to where the damage...

Like music to their ears; The Sandler review is far more wide-ranging than just active versus passive debate, writes John Sepanski of Barclays Global Investors.
August 5, 2002... The Sandler review should be music to the ears of most index fund managers, focusing as it does on the key aspects of simplicity, risk control and cost. But the review is far more wide-ranging than just the debate between active and...

Turbulent times take shine off pensions; The verdict on stakeholder is still out, meanwhile stock market volatility is hurting public confidence in long-term saving, says Shaista Ahmed.
August 5, 2002... More than a year has passed since the launch of the trumpeted welfare reform, the stakeholder pension. Back then, in April 2001, stakeholder was promoted as a panacea for the countrys pension woes. Policymakers hoped it would encourage...

Treading on eggshells; The current crisis of confidence in the US markets looks set to continue writes, Ron Mitchell.
August 5, 2002... Is the crisis of confidence in US markets and significant growth in hedge funds set to continue? The issue is quite simple it will take a very long time to burn off the excesses of the biggest financial bubble in all of history and create...

Living life on the edge; Dewi John speaks to Credit Suisses Bill Mott about the prospects for the world economy.
August 5, 2002... Bill Mott, Credit Suisses star manager who runs the Credit Suisse Monthly Income and Income funds, had been expecting a tumultuous summer. "Throughout June, defensive portfolios were no defence there was an across the board re-rating," he...

Battered investors seek haven in time of troubled equity markets.(money market funds)
August 5, 2002... The UK Money Market sector contains 60 funds, which invest at least 95 per cent of their assets in money market instruments, cash and near cash such as bank deposits, certificates of deposit, very short-term fixed interest securities or...

Performance Commentary.(money market funds; tables omitted)
August 5, 2002... The time seems to be right for money market funds. These funds are traditionally seen as safe investments because in times of high volatility in the stock markets they remain relatively low risk. By investing the majority of their assets in...

Threadneedle UK Money Securities Fund: Detail Commentary.(includes information on other mutual funds)
August 5, 2002... The GBP250.1m Threadneedle UK Money Securities fund is managed by Paul Gibbs and deputy manager, Paul Witchalls. Mr Gibbs has been at the funds helm since its launch on 5 December 1997. The fund has outperformed most of its peers over...

Threadneedle UK Money Securities Fund: Manager comment; Paul Gibbs.(Brief Article)
August 5, 2002... I have managed the Threadneedle UK Money Securities fund since its launch in December 1997. There are four of us working on the treasury desk, including deputy fund manager, Paul Witchalls. We devote a lot of time to analysing ratings...

Separating the mega caps out from the rest; Investment experts have called for a FTSE 10 index. James Mawson investigates.(stock exchange reports for largest ten equities)
August 5, 2002... Should we have a FTSE 10 index to separate the mega caps from the large cap equities on Londons stock markets? Rothschild Asset Management in last weeks Investment Adviser identified the impact the top 10 equities by market capitalisation...

Puzzling times.(dishonesty in corporate management)
August 5, 2002... It is one of the great puzzles of recent years. We can all understand the short-term pressures that persuaded Arthur Andersen to sign off on questionable accounts, analysts to tip dodgy stocks or fund management houses to launch technology unit...

Analysing the analysts.(financial analysts)(Brief Article)
August 5, 2002... That analysts "buy" recommendations tend towards the optimistic is hardly news. Even in a bear market, buy recommendations can run to more than 80 per cent of all those made by analysts. This cannot be an accurate or objective reflection of...

Its big and its beautiful; Stuart Notholt defends the FSAs Handbook and says the CD-Rom version has been particularly popular with IFAs.(Financial Services Authority; independent financial advisers)
August 5, 2002... Theres no escaping it the FSAs Handbook of rules and guidance is big. End to end, the paper version runs to over four feet. Had the FSA delivered one of these behemoths to every regulated firm it would undoubtedly have been a great day for...

Letters.
August 5, 2002... Tax relief comparison is not as simple as it seems Re: Philip Coggans column of 15 July. The figure of GBP48 given for the tax relief for a 40 per cent tax payer in respect of a GBP3000 cash Isa is correct, as this is the tax that would...

In the footsteps of giants; Tim McCarron is to succeed Anthony Bolton as manager of Fidelity European fund. Ahsutosh Kumar speaks to the doyen and his high-flying disciple.(Interview)
August 5, 2002... Investment Adviser: How much of your time will be spent mentoring junior colleagues? Anthony Bolton: Three-quarters of my time will be devoted to managing the Fidelity Special Situations fund and the Fidelity Special Values fund. A...

Revenue loses IHT case.(Inland Revenue; inheritance tax case against Eversden family)
August 5, 2002... By James Mawson The Inland Revenue has lost a groundbreaking case against inheritance tax avoidance schemes. The High Court ruled against the Inland Revenue in its case versus the Eversden family last month, which has opened up a...

ScotEq goes Irish to target UK savers.(Scottish Equitable )(Brief Article)
August 5, 2002... Scottish Equitable will this week launch offshore insurance bonds from its Dublin office. This will offers tax advantages to UK residents and comes after Scottish Equitable last September shelved plans to launch with profits bonds from...

Zurich rebrands Eagle Star firm.(Eagle Star International renamed)(Brief Article)
August 5, 2002... Eagle Star International has been renamed Zurich International Life after its parent. This comes as Zurich looks to rebrand the business and increase brand awareness. Eagle Star will remain a product brand, while the operating company will...

PENSION FUNDS; Top 10 PENSIONS OVER 10 years.(Brief Article)
August 5, 2002... Top 10 pension funds by sector, figures up to 29 July 2002, buy to sell, gross income reinvested

Post Office sales of stakeholder fizzle.(slow start for Standard Life partnership )(Brief Article)
August 5, 2002... By Holly Thomas A partnership between Standard Life and the Post Office to sell stakeholder pensions over the counter has flopped. But the insurer insists it will persevere with the scheme. Since the launch 15 months ago, only 2000...

R&SA sells group risk business to Canada Life.(Royal & Sun Alliance Life and Pensions )(Brief Article)
August 5, 2002... ROYAL & Sun Alliance Life and Pensions is to sell its group risk business to Canada Life for GBP60m. About 200 staff, based mainly in Bristol, will transfer to Canada Life when the deal is completed, subject to regulatory approval. The...

Transfer calculator launched.(Legal & General offers pension comparison system)(Brief Article)
August 5, 2002... Legal & General has launched a free online pension comparison system for pensions transfer business. E-TVAS lets IFAs perform a Quick Quote money purchase or final salary calculation, enabling them to assess in minutes whether it would be...

AMP stops sale of London Life product.(discontinues London Life Secure Pension Plus)(Brief Article)
August 5, 2002... AMP has stopped selling its London Life Secure Pension Plus product. The with profits annuity closed to new business at the end of last month. AMP simultaneously discontinued its Pearl branded with profits bond. David Tildesley,...

The pressure of being all things to all investors; Outsourcing investment management.
August 5, 2002... Mark Dampier One of the fastest areas of growth in the unit trust industry is that of multi-manager. This has been spurred on by regulatory action which five years ago required IFAs to pass either the IMAC or the IMC exams to run...

CSAM ditches 10 funds.(Credit Suisse )(Brief Article)
August 12, 2002... Credit Suisses multi-manager service has ditched 10 funds in the past year. Half of these funds were removed on the grounds of fund manager change, and the balance for strategic reasons. The Credit Suisse multi-manager service has...

All change for top performing funds.(Close Wealth Management report)(Brief Article)
August 12, 2002... By Sam Dunn PAST performance as a guide to investment has been undermined by new fund performance league tables. Five-year figures from Close Wealth Management reveal that of the top 30 funds in 1997, fewer than a third remain in the...

FIS-R&SAI considers expansion.(Friends Ivory & Sime and Royal & SunAlliance Investments merger; Isis funds)(Brief Article)
August 12, 2002... NEW products from Friends Ivory & Sime could be launched before December. Howard Carter, chief executive of the newly-merged FIS and Royal & SunAlliance Investments, said he was already drawing up expansion plans. The company was...

Appointments.
August 12, 2002... Mowbray Whiffin has joined Teather & Greenwood Investment Management as a senior fund manager. Mr Whiffin previously worked for Morgan Stanley Quilter where he was a divisional director, based in its London office. He has 30 years experience in...

SVM to launch hedge fund.(Scottish Value Management)
August 12, 2002... By Andrew Starke Scottish Value Management is to launch a second long and short hedge fund in October. SVM Soltire will be structured along the lines of its predecessor, the successful Highlander fund, but will have a UK bias. It will...

Income bonds from Swiss Life.(Brief Article)
August 12, 2002... Swiss Life has launched guaranteed annual income bonds over one, two and three years. The minimum investment is GBP7500, with no maximum. The rates are set at 2.7 per cent a year for investments of GBP7500 to GBP19,999, 3.8 per cent for...

Equity recovery linked to dollar.(Brief Article)
August 12, 2002... UK equity strategists are watching dollar price movement to pinpoint the bottom of the stock market. Michael Karagianis and John Bocchino, global equity strategists at Aberdeen Asset Managers, said global equity markets would remain...

Harris takes a bet on gaming stocks.(Matthew Harris)(Brief Article)
August 12, 2002... Aegons new UK fund manager, Matthew Harris, has been buying leisure and gaming stocks for the three funds he has taken over. Mr Harris, who continues to manage the Aegon Japan fund, took over the UK equity growth, UK tactical and UK equity...

Patience wins over bravery; Corporate bonds bought now should yield good returns over an extended period.
August 12, 2002... Johan Jooste In a bear market, it is easy to get despondent. It is equally easy to decide things have gone far enough and that the market is cheap. A word of caution: experience has taught us that fair value is neither an impediment to...

Mixed outlook on Japanese equities.
August 12, 2002... indiscriminate selling of blue chips in Japan has created an investment opportunity, according to a leading fund manager. Mark Wood, manager of the JPMF Japan fund, has taken a bullish approach to Japanese equities and recently increased...

UK investors hang on to equity funds.
August 12, 2002... By Andrew Starke UK retail investors bucked the redemption trend in June, investing in equity funds. In Europe their counterparts opted out of the sector in record numbers. A report by Schroder Salomon Smith Barney found that...

Stocks still overvalued, buy gilts, says Kauders.(David Kauders)
August 12, 2002... CONTRARIAN David Kauders has warned investors to steer clear of equities unless the market suffers a catastrophic slump. Mr Kauders, a partner in Taunton-based investment advice firm Kauders Portfolio Management, said he would not recommend...

Most UT managers new to job.(Brief Article)
August 12, 2002... THREE out of 10 UK unit trust managers have run their fund for a year or less, it has emerged. According to the bible of the fund management industry, the UK Fund Industry Review and Directory 2002, 636 out of 2039 fund managers have been...

Henderson TR Pacific mourns missing Indonesian upturn.(Brief Article)
August 12, 2002... AN underweight position in Indonesia cost Henderson TR Pacific Investment Trust vital growth, according to fund manager Michael Watt. The manager, whose fund is rated seventh out of 14 in the S&P Far East ex Japan investment sector over...

Investment Adviser Diary.
August 12, 2002... Henderson racers take chequered flag Hats off to the five boy racers from Henderson Global Investors who won the Peugeot Rally in the City last week. The challenge, which is held in city centres across the country, called for teams to...

LeggMason US fund hit by split cap crisis.(LeggMason Investors American Assets fund)
August 12, 2002... By Sam Dunn LEGGMASON Investors has been sucked into the split cap crisis after it was forced to suspend shares in its American Assets investment trust. Only three months ago, the trust managers revealed that the trust was to make a...

Activist attempts trust rejig.(Laxey Partners stalks Legg Mason Investors Enterprise investment trust)(Brief Article)
August 12, 2002... Laxey Partners is stalking Legg Mason Investors Enterprise investment trust. In a statement to the London Stock Exchange, Legg Mason said Laxey, an activist shareholder with a reputation for forcing trusts to restructure or wind-up, had...

Old Mutual adds funds to Cofunds supermarket.(Old Mutual Fund Managers)(Brief Article)
August 12, 2002... Old Mutual Fund Managers has added six funds to the Cofunds platform. The funds are from the Old Mutual Gerrard range, which was moved under OMFM administration in July this year after OMs acquisition of Gerrard in 2001. The addition...

Skandia in the pink.(gay sailing team in Skandia (U.K.) Insurance PLC sponsored Cowes Week)(Brief Article)
August 12, 2002... Skandias Cowes Week was brightened up by the debut of a crew made up exclusively of gay sailors. The Gay UK Sailing Team, also known as Gust, entered the Hunter 707 class at Cowes resplendent in pink and blue colours. Unfortunately...

Jupiter closes Carme fund.(Jupiter Asset Management Ltd. closes hedge fund)(Brief Article)
August 12, 2002... Jupiter has closed its long-short incubator Carme hedge fund, managed by Justin Seager. The fund, which had a UK equity bias, was launched in May 2001 and seeded with Jupiter money. Kevin Meehan, head of operations on the hedge fund...

Old Mutual blasted for transfer fund fall.
August 12, 2002... By Simoney Girard Old Mutuals European fund fell 3 per cent during the week it took to transfer the fund, according to shareholders. The shareholders, who do not wish to be named as they are in discussions with the fund manager, said...

Deutsche ousts Ridge from UK retail helm.(Brief Article)
August 12, 2002... Deutsche Asset Management has replaced Nigel Ridge as manager of its UK Blue Chip fund. The group cited poor performance and his high workload as reasons for the change. Michael Crawford will take over the GBP230m fund, one of Deutsches...