Under the agreement, S&W has appointed Bennbridge as the investment manager for Andrews’ Oriental Growth and Far Eastern Income and Growth funds. In turn, both firms and Andrews will take an equity stake in a newly-formed manager named BambuBlack.
Andrews has managed the Far Eastern Income and Growth fund since joining S&W in 1996 and she launched the Oriental Growth fund in 2009.
The former has returned 47.1% and 81.4% over three and five years respectively versus the IA Asia Pacific inc Japan sector’s 53.5% and 78.8%, according to FE data. The Oriental Growth fund has returned 59.7% and 98.1% over three and five years, versus the IA IA Asia Pacific ex Japan’s 55.3% and 68.1%.
Andrews will continue to manage both funds and look to hire analysts to strengthen the team, S&W said in a press release.
The funds will keep the same name until further notice and S&W Fund Administration will continue to act as the authorised fund manager and administrator.
Smith & Williamson co-chief executive and head of investment management David Cobb said: “Jane leaves the business with our very best wishes and our thanks for the excellent work she has done here over the last two decades.”
Bennbridge is owned by Australian parent Bennelong Funds which has £5.8bn under management. It counts Tellworth Investments, founded by ex-Schroders duo Paul Marriage and John Warren, among its underlying boutiques.
Cobb added: “This exciting deal will open up vital new channels for both Smith & Williamson and BennBridge. We look forward to working closely with Jane and BennBridge in developing this new offering over the coming years, particularly in regard to Bennelong’s distribution infrastructure in Asia Pacific and the provision of Authorised Corporate Director and administration services to potential new fund vehicles.”