The announcement follows the departure of the fund’s manager Henry Dixon to GLG, part of the Man group, where he has been hired as a portfolio manager on its UK equity team.
Since its inception in August 2008, the FP Matterley Undervalued Assets Fund has risen by 70.2% compared to the rise of 41.9% for the FTSE All-Share Total Return. The fund’s current AUM are £75.8m as of 31 August 2013.
At GLG Partners Dixon will continue to run the Fund with Charles Stanley retaining ownership of the fund and the Matterley brand.
Charles Stanley will continue to manage and promote the four remaining Matterley Funds: FP Matterley Regular High Income Fund; FP Matterley International Growth Portfolio; FP Matterley Equity Fund and FP Matterley UK & International Growth Fund.
Matterley was acquired by Charles Stanley four years ago – just one year after Dixon co-founded the investment boutique.
Assistant fund manager Jack Barrett and analyst Alice Sharp who both worked on the Undervalued Assets Fund with Dixon at Matterley, will also join him at GLG.
Dixon has also worked as a fund manager at New Star Asset Management where he managed the British Lion Portfolio (AUM £10m) and The Family Charities Ethical Trust (AUM £35m). He also co-managed the New Star Equity Income Fund (c£300m) and assisted managing the Institutional Fund (AUM £1bn).
Richard Philips, head of UK Retail at Man said: “Henry has proved over a number of years what a talented fund manager he is and his consistent first quartile performance in a very large and highly competitive sector speaks volumes about his ability, process and approach.”
He added: “GLG is a place where talented and independent thinkers operate in a collaborative environment, unconstrained by a house view. Henry is very much in the mould of people we look to hire and we are very pleased to welcome him, Jack and Alice to GLG.”
GLG’s parent company Man – famed for its sponsorship of the Man Booker literary prize – had $52 billion AUM as of 30 June 2013
