Mam closes two Sam Liddle funds
Mam closes two funds run by former manager Sam Liddle as multi-year reshaping continues.
Mam Funds has closed two funds previously run by its former veteran manager Sam Liddle, as the multi-year reshaping of the fund group continues.
Mr Liddle left the company on February 29, initially on gardening leave, with an official leaving date of June 30. The manager went on to focus on a new business venture called Zapmenow, developing ‘apps’ for smartphones, which he launched last year.
Following his departure, his CF Miton Global Growth fund has been merged into the £12m CF Miton Select Assets fund managed by Nick Greenwood. The CF Miton Cautious Income fund has been merged into the £19m Acuim UK Multi Cap Income fund, run since its recent launch by Mam’s managing director Gervais Williams.
The long-term performance of the funds – managed by Mr Liddle since their launch in March 2001 – had been lacklustre, placing them in the bottom quartile of their respective IMA fund sectors over five years. By contrast, Miton funds run by star manager Martin Gray have performed much better relative to their peers.
Mark Harper, head of marketing at Mam, said: “These mergers are a bit of housekeeping and a way of tidying up the fund range.”
Alongside its Miton multi-asset brand and Acuim smaller companies brand, Mam Funds has a second multi-asset brand Midas. Mam Funds was previously called Midas Capital, but the firm was renamed ahead of Mr Williams’s arrival following a restructuring during the financial crisis.
Mr Liddle ran the Midas franchise’s CF Midas Global Income fund, as well as co-managing the CF Miton Select Assets fund. But in July last year the former was closed because it had failed to attract sufficient levels of assets to be “commercially viable”, while the latter had significantly underperformed its peer group over five years to July 18.
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