Stanes (pictured) will be replaced by Graham Bishop on the balanced mandate, who joined last May to head up the firm’s tactical allocation.
However, Stanes will continue to manage Heartwood’s growth strategy, which includes the £240m growth multi-asset portfolio. He will also remain head of the equity research team.
Bishop will continue to lead the tactical allocation process.
The £994m Heartwood Balanced Multi-Asset strategy has generated returns of 3.3% versus the CPI’s 2.03%, putting it shy of its goal of returning CPI plus 3% per annum. Over three and five years, it has returned 13.7% and 25.6%, according to FE.
The Heartwood Growth Multi-Asset strategy aims to return CPI plus 4% per annum net of fees over a rolling five-year period.
Over one, three and five years it has delivered returns of 5.3%, 19.1% and 37.1%.
Both funds are in the IA Unclassified sector.
Noland Carter CIO and head of Heartwood said the decision to swap managers on the balanced mandate was a reflection of Bishop’s progression at the firm and designed to give Stanes more time to focus on running the growth strategy.
“Heartwood has always taken a team-based approach to investing, and the changes announced today continue to reflect this philosophy.
“Since Graham joined us he has played a key role driving our asset allocation process and now that he is thoroughly embedded in Heartwood this change of responsibility for the Balanced strategy is a natural evolution. This change will also allow Michael to increase his focus on Heartwood’s Growth strategy and our equity research.”
