Strategy
EFG Asset Management Brings US Growth Fund In-House
The investment arm of Swiss private banking group EFG International has brought one of its US equity funds under the New Capital umbrella.
EFG Asset Management has brought the management of its New Capital US Growth Fund in-house.
The company's funds business, New Capital, offers UCITS funds via over 20 platforms. They are registered for sale in Austria, France, Germany, Hong Kong (SFC-authorised funds only), Italy (qualified investors only), Luxembourg, the Netherlands, Singapore (accredited investors only), Spain, Sweden, Switzerland and the UK.
As part of the transition, some members of the fund's existing team have officially joined EFGAM, including Joel Rubenstein, who has been co-lead on the fund since inception. He will continue as lead manager, working alongside senior portfolio managers Tim Butler and Mike Clulow, as well as research analyst Chelsea Wilson and client portfolio manager Don Klotter, all of whom have been working on the fund since inception.
The fund, which was launched in 2010, invests predominantly in large-cap stocks using a bottom-up approach. The investment process will remain unchanged and the US team will continue to be based in Portland, Oregon.
Compared to the universe of US large cap growth equity funds (around 330 funds), the fund has performed in the top quartile over one-, three- and five-year periods as at the end of January 2016, according to Morningstar and Trustnet data.
“This move reflects the successful growth of our New Capital funds franchise...The strategy has been very fruitful for us, and we are now in the position to provide clients with the best service possible by incorporating all aspects of the fund’s management under the New Capital umbrella,” said Moz Afzal, chief investment officer at EFGAM.
The launch comes after that of the company's UK Select Equity Fund, also under the New Capital umbrella. EFGAM's parent company, EFG International, recently agreed to buy fellow Swiss-based firm BSI from BTG Pactual. As of the end of 2015, EFGAM managed over $12 billion on behalf of clients.
