Peter Fitzgerald

“Periodically, the fund management industry experiences large-scale change either via manager moves or corporate issues. A couple of years ago, New Star had issues. Now it is Gartmore’s turn. We redeemed following the first announcements before the summer. Bluebay sold themselves and one must question the future here. Now we learn of changes at the Nevsky Global Emerging Markets Fund. One of our top performing managers this month, and indeed year to date, is the Invesco Perpetual High Income Fund managed by Neil Woodford. We have been invested for 10 years. It is nice to see some stability in manager tenure and returns.”