Multi-manager  

Pru’s Williams cuts Investec’s Stopford from MM range

Prudential multi-manager Matthew Williams has cut Investec’s John Stopford from four of his five Dynamic Portfolio funds.

Mr Williams has sold out of the £330.6m Investec Strategic Bond fund, managed by Mr Stopford (pictured) in his Defensive, Cautious, Cautious Growth and Balanced Dynamic Portfolios and put the proceeds into the £453.2m Royal London Corporate Bond fund run by Jonathan Platt and Sajiv Vaid.

Mr Williams’ Adventurous Portfolio did not hold the Investec fund and so is unaffected.

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Mr Stopford’s fund has delivered a bottom quartile return over three and one-year terms in the IMA Strategic Bond sector to January 4, according to FE Analytics.

Meanwhile, the Royal London fund is top quartile over three years and second quartile over one to January 4 in its IMA Corporate Bond sector, the data provider added.

The manager said the move brought more diversification to the blend of bond funds he held.

“The Royal London Corporate Bond fund gives us additional access to niche, unrated issues and asset backed securities,” he said.

“This, alongside the considered risk and market aware approach of managers Jonathan Platt and Sajiv Vaid, makes it an attractive corporate bond fund holding for our Dynamic Portfolio range.”

Prudential’s Dynamic Portfolios target different risk profiles by combining the active asset allocation of Prudential’s portfolio management group with tailored baskets of third party funds reviewed and recommended by Morningstar OBSR.

The company said the latest changes had been recommended by Morningstar OBSR to ensure that the blended style achieved across bond holdings remained appropriate to the objectives of the Dynamic Portfolios.