Swip hands
European income fund to Maxwell
25/02/08
Stephen Maxwell will run Scottish Widows Investment Partnership’s
(Swip) new European Income fund.
Catie Wearmouth had originally been lined up to run the Swip
European Income fund.
But it has been decided Maxwell, who is head of European equities
at Swip, is a better candidate to run the fund after Wearmouth's
responsibilities increased following the departure of the bulk
of the firm's European equity team to BlackRock
Wearmouth will continue to run the Scottish Widows Euroland
(Scottish Widows Euroland A Acc), European Growth (Scottish
Widows European Growth A Acc) and European Select Growth (Scottish
Widows European Select Growth A Acc) funds, along with the Swip
European (SWIP European A) fund.
Maxwell will employ a bottom-up on the 30-50 stock fund, which
will aim to provide an income in excess of the FTSE Europe excluding
UK index along with capital growth.
Swip said Maxwell has been working closely with Wearmouth to construct
the fund, which it anticipates becoming a key part of its retail
offering.
Maxwell said: The benefits for investing for income in Europe
are clear; a largely untapped market, high and growing yields
and the benefits of diversification, which can reduce overall
portfolio risk.
The European Income fund levies an initial charge of 5% and
an annual charge of 1.5%. The minimum investment is £1,000.
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