RWC reviews absolute return fund following manager exits

RWC is considering the future of its €7.6m (£6.5m) Cautious Absolute Rate & Currency fund following the departures of managers Peter Allwright and Stuart Frost.

The fund was among those highlighted as a consistent underperformer in the IMA’s first monthly performance data for the revamped Targeted Absolute Return sector last month.

Davide Basile, who runs the €1.5bn RWC Global Convertibles fund, has taken over management of the Cautious Absolute Rate & Currency fund. RWC said the fund was currently “under strategic review”.

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Over the course of the past three years to the end of May, the IMA recorded 21 discrete 12-month periods in which the RWC fund failed to register a positive return. During that period overall the fund lost 1.5 per cent.