In an environment of low growth, low interest rates and macroeconomic uncertainty, it is little wonder that, at a time when outsourcing has become more common, risk-targeted offerings are also becoming more popular.
Combining this with a multi-manager and fund of funds approach, the MyFolio offering from Standard Life Investments (SLI) has attracted more than £8bn in assets since its launch in September 2010.
For Bambos Hambi, head of fund of funds management, and James Millard, investment director at SLI, the MyFolio proposition to advisers and clients focuses on a “repeatable and robust” process, and provides consistency and transparency when it comes to investments.
After leaving Gartmore, Mr Hambi explains he was “looking for the right opportunity” when he was contacted by SLI to become a non-executive director of the governance committee overseeing MyFolio and a guided architecture range.
“I took that role and got to understand MyFolio in detail. The person SLI had lined up to run MyFolio decided at the last minute it wasn’t going to work, so I threw my hat into the ring. It was something I was very experienced with, in terms of multi-manager and fund of funds, and I thought it was an exciting opportunity.
“It was something new, not many people were doing risk-targeted funds and, with the RDR coming up, I thought working for SLI – with the right culture and a big resource in place – would be exactly the right thing for me. Now, five and a half years later, we’ve got £8.4bn in assets under management.”
Mr Millard is a newer addition, joining in 2014 to help run the team managing the MyFolio suite.
“As we’ve grown, the demands on my time have got bigger” explains Mr Hambi. “I needed to get someone senior in to help me drive the business. I’d met James in the past and felt he would be the right person to add to the team – it has worked really well.”
CV - Bambos Hambi
|2011 – present|
Head of fund of funds management, SLI2008 – 2011
Multi-manager consultant and independent fund expert2003 – 2008
Partner, head of multi-manager and fund manager, Gartmore Investment Management2003
Head of multi-manager and fund manager, Insight Investment Management2001 – 2003
Director, head of multi-manager and fund manager, Rothschild Asset Management1997 – 2001
Fund manager, Friends Ivory & Sime1987 – 1997
Head of collective investments, Quilter & Co1978 – 1987
Head of investment performance measurement, Legal & General
Joining from Old Mutual Wealth, Mr Millard helps run the team, manages several portfolios and is in charge of leading the commercial relationships with the underlying fund groups to ensure the best terms for MyFolio clients.
While there are 11 members in the dedicated MyFolio team that focuses on funds, Mr Millard points out they are supported by both SLI and the life and pensions parent company.
“One of the attractions was joining Bambos and the team but also being supported by the wider business. There are 60 people involved in running MyFolio overall – from strategic and tactical asset allocation to fund selection and portfolio construction, as well as the blending that we do on a day-to-day basis.”