In an announcement Miton, which acquired Psigma in July last year, said that on his retirement, current co-manager Eric Moore will be promoted to lead manager alongside the fund’s newest co-manager, Miton Group managing director, Gervais Williams. It said that Mott will continue to remain involved in the fund until his retirement.
According to Miton: “there will be no change to the investment objective of the fund or to its thematic investment approach. It will remain a predominantly mega cap fund.”
Moore, who has worked alongside Mott since May 2010, will be responsible for the macroeconomic and multi-year themes reflected in the fund, Miton said, and will continue with the day-to-day management of it, while Williams will continue to provide specialist mid and small cap experience.
Ian Chimes, head of sales and marketing, at Miton added: “Bill and I have worked together since our Credit Suisse days stretching back 21 years. Bill has been a great friend and colleague to many of us through all those years at Credit Suisse, PSigma Asset Management and over the past year at Miton. He leaves the group with our best wishes for his retirement and leaves the fund in good hands with Eric and Gervais.”
On the back of the announcement, Hargreaves Lansdown announced that it has removed the PSigma fund from its Wealth 150 category.
Laith Khalaf, senior analyst, Hargreaves Lansdown explained: “Though we expect the fund to continue to be managed along the same lines, we believe it is prudent to remove the fund from the Wealth 150 while we monitor its performance under the new management.”
Of Mott’s track record, Hargreaves Lansdown commented: “It was Bill Mott’s astute ability to identify long-term themes and his experience in calling the direction of the wider economy that made this fund an attractive proposition. Over the past few years Bill Mott’s economic views have in large part been correct. However, poor stock selection has contributed to lacklustre returns according to our analysis.”
