News Round Up
Monday, January 19th 2004, 2:02AM
Tower Managed Funds is changing the management of its global international share fund bringing it into line with its other products.Tower Asset Management, which adopts a multi-manager style of investing will take over running the fund from Deutsche Asset Management.
In turn TAM will then invest the fund into a Dublin-based fund unit trust managed by Marathon Asset Management.
Marathon’s investment philosophy is to generate consistent long-term performance by disciplined stock picking supported by focused research and analysis.
Marathon was founded in 1986 and as at September 2003 has about$16.7 billion of assets under management.
TAM will be responsible for the currency hedging. The current policy is to remain unhedged, but up to 20% of the fund may be hedged at any time.
The frequency of unit pricing will change from twice weekly to daily.
The change in management is likely to lead to enhanced returns and lower volatility, plus daily unit pricing.
St Laurence happy
St Laurence Group is happy with progress on its proposed fund amalgamation.
It says that acceptances for the Capital Office Fund and the Mt Wellington Fund have reached 50%.
Acceptances from all funds average 81.8%. The final close date for accepting the offer is February 19.
Earlier stories: St Laurence offer extended
St Laurence to merger property syndicates
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