15th July 2014
Bill Mott is to retire from fund management stepping down from the PSigma Income fund. The current co-manager, Eric Moore will become co-manager alongside Gervais Williams.
Mott will retire from parent firm Miton Group at Christmas though he will continue to be involved in the management of the fund until his retirement date.
Miton says there will be no change to the investment objective of the fund or to its thematic investment approach. It will remain a predominantly mega cap fund and recently has had around 75% exposure to the FTSE 100 Index and overseas equivalents.
Moore, who has worked alongside Bill since May 2010, will be the lead manager and will continue the day-to-day management of the fund implementing the macroeconomic, multi-year themes of the fund. Gervais Williams, who became co-manager of the fund at the end of last year, will continue in this role providing specialist mid and small cap experience.
As at the end of June 2014, the fund had a historic yield of 4.2%.
Commenting on the change, Laith Khalaf, senior analyst at Hargreaves Lansdown says: “The Psigma Income fund has been removed from the Wealth 150 following Bill Mott’s retirement announcement. Though we expect the fund to continue to be managed along the same lines, we believe it is prudent to remove the fund from the Wealth 150 while we monitor its performance under the new management.
“Bill Mott has been largely correct when it comes to his calls on the UK economy since the onset of the financial crisis, however our analysis suggests his lacklustre performance in recent years has been down to poor stock selection.”