Toby Nangle exits Columbia Threadneedle after a decade

Potential overlap between Nangle’s multi-asset franchise and BMO Gam’s own low-cost portfolios

Columbia Threadneedle’s Emea multi-asset boss Toby Nangle has exited the business after a decade.

Nangle (pictured) has decided to pursue a change in career, Columbia Threadneedle confirmed in a statement to Portfolio Adviser.

He has led the asset manager’s nine-strong Emea-based multi-asset team since joining from Baring Asset Management in 2012. In 2018, he was named global head of asset allocation.

“We thank Toby for his contribution in establishing such a well-regarded multi-asset capability and wish him well for the future,” a spokesperson for Columbia Threadneedle said.

Following his departure, Paul Niven, who joined Columbia Threadneedle following its acquisition of BMO Gam’s Emea business, will become head of asset allocation for Emea.

Potential for product overlap

Niven, who has over 20 years’ industry experience, currently runs BMO Gam’s multi-asset franchise and manages the £5.4bn F&C Investment Trust.

As such, Chelsea Financial Services managing director Darius McDermott said there would have been overlap between Nangle’s and Niven’s franchises.

McDermott said the Universal multi-asset portfolios Niven launched for BMO Gam in 2017 have proved very popular, helped by the fact they are “extremely cheap”. Assets in the range have grown exponentially to £1.5bn.

M&A tends to prompt career re-think

AJ Bell head of active portfolios Ryan Hughes said Nangle’s departure is still “a little surprising”. “His strong reputation and performance would have likely put him in a good position as the dust settles after the BMO takeover.”

Nangle’s £49.4m Threadneedle Global Multi Asset Income fund is first quartile versus the IA Mixed Investment 20-60% Shares average over all major timeframes. His £2.3bn Threadneedle Dynamic Real Return fund has also done better than peers in the IA Targeted Absolute Return sector over longer periods, though has lost money year-to-date.

“However, as ever with M&A activity, it results in people reconsidering what they want to do and it seems Nangle wants to move away from the industry,” Hughes added.

Columbia Threadneedle said it is currently recruiting for an experienced portfolio manager to take over the Dynamic Real Return fund and manage other multi-asset portfolios.

Come July, BMO Gam’s funds will rebrand under the Columbia Threadneedle moniker, excluding funds in its Pyrford brand and investment trusts.

Several of BMO Gam’s executives, including CIO Richard Watts, head of alternatives Stewart Bennett and global head of distribution David Logan, have become part of Columbia Threadneedle’s senior management team.

See also: Toby Nangle: ‘The worst outcome would actually be a really smooth Brexit’

About the author

Latest Stories