Fixed Income  

F&C’s Thursby and Geikie-Cobb to leave

F&C’s Macro Global Bond managers Paul Thursby and Peter Geikie-Cobb will leave the company at the end of the year, the group has announced.

The managers joined F&C as part of its takeover of boutique Thames River but have now announced they will leave the firm just weeks after F&C itself is being bought by BMO.

The duo ran the group’s Macro Global Bond fund which had struggled in recent years after producing a loss of 3.5 per cent compared to a 16.2 per cent rise in its Citigroup EuroGovt Bond (50%) /WGB (50%) combined index (€) index.

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Mr Geikie-Cobb spoke to Investment Adviser in July last year and claimed his fund could return to its previous size, even though it had shed millions following poor investment calls.

The fund was £1.6bn in size as at February 2012 but had dropped to £485m mid-2013 after major calls on duration – the fund’s sensitivity to changes in interest rates – and a lack of exposure to emerging market debt dented performance and led some investors to sell out.

The latest factsheet shows the fund is just £357m.

Richard Janes, F&C Investments, said: “The board of the F&C Macro Global Bond fund will be appointing a new permanent management team to the fund shortly.

“Paul Thursby and Peter Geikie-Cobb, who will be leaving F&C to pursue individual personal interests, will continue to manage the fund for up to six months to ensure an orderly handover of responsibilities and will therefore work alongside the new management team.”