GLG Partners has said Rory Powe will put his own stamp on the Continental Europe fund as former manager Sandy Rattray’s strategy can now be accessed via a passive fund.
The group hired Mr Powe in July from Powe Capital Management, a business he set up in 2001 having spent the first 10 years of his career managing money for Invesco.
The objectives and investment policy of the fund, which aims to achieve above average long-term capital growth through investing, directly or indirectly, in European companies, will remain the same under Mr Powe’s stewardship, GLG said, however, there will be changes to the fund as part of the new strategy’s portfolio construction.
Under Mr Rattray, the Continental Europe fund was driven by recommendations from brokers and the manager told Investment Adviser in 2012 he saw “no signs” that broker recommendations could not help him to produce alpha – or outperformance of the returns delivered by the underlying stockmarket.
The fund has delivered top quartile returns in three- and five-year periods in the IMA Europe Excluding UK sector, according to data from FE Analytics.
Mr Rattray’s strategy was made available via an exchange traded fund last year, meaning investors can still access his strategy or decide to stick with the active fund, now headed by Mr Powe.
Teun Johnston, co-chief executive of Man GLG, said Mr Powe’s hire played “an important role” in building its long-only product suite.
