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Standard Life Global Absolute Return - manager departs
Euan Munro, the head of the multi-asset team that runs GARS, has left the firm with immediate effect to join Aviva Investors as CEO. Senior team member Guy Stern has taken over running the team. The GARS fund was never managed by one individual but by the team as a whole so we do not expect this to make any material change to the investment process or future performance of the fund.
Standard Life has been running the Global Absolute Return Strategies (GARS) mandate for institutional clients since 2006. Essentially it is a cost-efficient multi-strategy hedge fund seeking to deliver positive returns over the medium term at relatively low levels of volatility. The mandate is well diversified with no single strategy dominating the portfolio. All strategies are managed internally which makes for full transparency of individual positions at all times. The GARS team comprises 31 investment professionals divided into three teams: Multi-Asset Portfolio Managers headed by Guy Stern; Strategic and economic analysis headed by Andrew Milligan; and Risk monitoring and control headed by Brian Fleming. These teams also use the expertise of all the asset desks across Standard Life Investments, including the Treasury Banking, Equity and the Fixed Income Teams.
We have not changed our five-star rating of this fund and it remains in our Premier Selection list of preferred funds.
The value of any investment may go down as well as up, and you could get back less than you originally invested.
Investors should be aware that Absolute Return funds do not guarantee a positive return and you could get back less than you invested much like any other investment. Additionally, the underlying assets of Absolute Return funds generally use complex hedging techniques through the use of derivative products.