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F&C investment trust ditches Goldman Sachs as Japan manager
Foreign & Colonial investment trust has ditched Goldman Sachs Asset Management as the manager of its Japanese portfolio after five years, to bring management in-house.
Manager Jeremy Tigue originally outsourced the portfolio in 2005 following a period of poor performance, but has decided to switch back in-house as it pulls ahead of sector media performance.
Mr Tigue, who remains bearish on the country, said: "The point is that after 20 years of underperformance, at some stage Japan will have some good performance, and by making this change we're more likely to be able to spot this and do something about it."
The F&C Asset Management Japanese team includes head of Japanese equities Jamie Jenkins, Stefan Bain and Mark Perrin.
Jamie Jenkins said: "As a market, Japan offers large inefficiencies for stockpickers to exploit, and we fully intend to do just that on behalf of Foreign & Colonial investment trust."
He said Japan was the largest and most diversified market in Asia, geared into growth in the emerging markets of Asia, as exports from Japan to the rest of Asia now overshadow US exports.
Mr Jenkins added: "We are a stable and very enthusiastic team who have what we think is a sound investment process. We are committed to Japan and we think we can add a lot of value there."
