Derek Mitchell Joins RLAM As Senior UK Equity Fund Manager To Manage New UKSpecial Situations Trust
Friday, 6 July 2007
Derek Mitchell has joined Royal London Asset Management (RLAM) as a Senior UK Equity Fund Manager, reporting to Jane Coffey, RLAM's Head of Equities. He joins a team of six other UK equity fund managers and will be responsible for managing the new Royal London UK Special Situations Trust.
Derek has a great deal of fund management experience, developed during 20 years at F&C Asset Management and its antecedent companies, ISIS Asset Management and Royal & Sun Alliance. Most recently, he has spent the past nine months successfully managing a directional long/short global media fund at investment boutique, Rutherglen Capital. He has an impressive track record of managing both institutional and retail mandates with a particular emphasis on UK High Alpha funds.
Head of Equities, Jane Coffey, commented:
"We are delighted to welcome Derek to RLAM's UK equity team and are excited at the prospect of working with him on our new UK Special Situations fund. His appointment is another important step in building our profile in the UK equity market and this new fund further extends the range of products we have available for external investors."
On joining RLAM, Derek said:
"I've been following RLAM's progress over a number of years and am very pleased to have the opportunity to join this growing team. The UK Special Situations Trust is an exciting new fund and I'm looking forward to working with my new colleagues as the fund grows over the coming months."
The Royal London UK Special Situations Trust is an authorised Unit Trust that will invest in a concentrated portfolio of UK companies in special situations with the potential to achieve above average returns. Derek will focus on companies which are undervalued by the market and which have a catalyst to unlock strong future earnings growth. The fund will be part of the IMA UK All Companies sector, will be benchmarked against the FTSE All Share, and will launch on 20th July 2007.
-ENDS-
For further information please contact:
Royal London Asset Management
Stephen Watchorn
Marketing and Communications Manager
Tel: 020 7506 6500
Polhill Communications
John Fryer
Tel: 0207 655 0500
Editor's notes:
Derek Mitchell – brief career history
October 2006 to June 2007 – Rutherglen Capital, manager of directional long/short global media fund.
July 2004 to October 2005 – F&C Asset Management, Head of UK High Alpha Desk, manager of flagship UK Prime Fund.
May 2002 to July 2004 – ISIS Asset Management, manager of ISIS UK Select Trust.
July 1996 to May 2002 – Royal & Sun Alliance Investment Management, manager of UK Pooled Pension Fund and external segregated accounts.
June 1985 to July 1996 – Sun Alliance Investment Management, assistant manager of UK Equity Growth Trust, manager of UK Pooled Pension Fund and then Head of Retail.
Royal London UK Special Situations Trust
|
Type of Fund |
Authorised Unit Trust Scheme |
|
Fund Objective |
The investment objective and policy of the Fund is to achieve capital growth by exploiting a concentrated portfolio of UK company special situations with the potential for above average returns. |
|
Assets |
To achieve the investment objective the Fund may hold transferable securities, units in collective investment schemes, Exchange Traded Funds, deposits and cash (for the purposes of Efficient Portfolio Management (EPM) and redemption of units), and derivatives and forwards contracts for the purposes of EPM only. |
|
IMA Sector |
IMA UK All Companies |
|
Benchmark |
FTSE All Share |
|
Base Currency |
GBP Sterling |
|
Management Charges |
Initial Charge:4.00% Annual Management Charge:1.4% |
|
Minimum Investment Levels |
Initial Investment and Min balance:£ 1,000 Min. Sale or Additional Investment:£ 100 Min. Regular monthly Investment:£ 50 The Manager reserves the right to set a higher minimum investment level for certain Unit Trust products within the Group. |
|
Unit Classes |
The Fund will launch with a retail unit class (accumulation units) and the ability to launch another unit class (institutional) at a later date. |
|
Regulation & Legislation applicable to the Fund |
Chapter 5 of The New Collective Investment Schemes Sourcebook (COLL) and regulated by the Financial Services Authority (FSA) in line with the other Royal London Unit Trust Managers unit trusts. This will be an UCITS III scheme and thus able to use the investment powers permitted under the European "product derivative" on collective investment funds (2001/108/EC). |
Royal London Asset Management(RLAM) was established in 1988 and specialises in providing investment management solutions for both the Royal London Group and a range of external institutions. These include FTSE 250 companies, local authorities, universities, charities, wealth managers, financial advisers and private clients. RLAM manages over £30bn of assets, employing more than 50 experienced investment professionals in our London based office.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
Scottish Life – UK pensions market
Bright Grey – UK protection market
Scottish Life International – offshore investment markets
RLAM – fund management
RLAS – life and pensions administration
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £31.5 billion.Group businesses serve around three million customers and employ 2,610 people.(Figures quoted are as at 31 March 2007).
rlam is a marketing brand including the following companies:Royal London Asset Management Limited registered in England & Wales number 2244297; Financial Services Authority (FSA) register number 141665.Royal London Pooled Pensions Company Limited registered in Scotland number SC048729; FSA register number 110456.Royal London Unit Trust Managers Limited registered in England & Wales number 2372439; FSA register number 144037.All of the above are authorised and regulated by the Financial Services Authority.
It also includes Royal London Asset Management Bond Funds Plc registered in Ireland number 364259 and regulated by the Irish Financial Services Regulatory Authority (IFSRA).
All these companies are subsidiaries of The Royal London Mutual Insurance Society Limited registered in England and Wales number 2372439.Head office:55 Gracechurch Street, London EC3V 0RL.
Our reference: 367-PR/PROF-07/2007-SW