Hugh Young of Aberdeen has recently been replaced on the Asian component of the Skandia Global Best Ideas fund by Peter Sartori of Treasury Asia Asset Management. Sartori worked at Credit Suisse up until 2005, underperforming by a monthly average of 0.25% during 3.1 years on the Credit Suisse Orient fund.
The managers on the fund are now: Richard Plackett (Merrill Lynch, UK), Mark Tyndall (Artemis, UK), Daniel Hanbury (River & Mercantile, UK), Stephen Whittaker (New Star, UK), Ashley Willing (Gartmore, UK), Tom Walker (Martin Currie, US), Crispin Odey (Odey, Europe), Jonathan Asante (First State, Emerging Markets), Nathan Gibbs (Schroders, Japan), Peter Sartori (Treasury, Asia Pacific).
Three of these managers (Tyndall, Whittaker, Willing) have been downgraded by Bestinvest since the fund’s launch whilst the five star rated Roger Whiteoak was removed from the lineup earlier this year when he left AXA Framlington. This leaves just four of the fund’s managers rated by Bestinvest - at one stage this figure was eight out of 10. Performance was initially good but like most unconstrained global mandates the fund has suffered this year. Whilst the concept of a best ideas fund remains an intriguing one, following the changes of manager we are downgrading the fund to a two star (hold) rating.