- BNY Global Income removed from Favourite funds list and the Income Portfolio in AJ Bell’s Managed Portfolio Service (MPS)
- The move follows the departures of Nick Clay and Andrew MacKirdy from BNY
- Evenlode Global Income added to the Income Portfolio as a replacement
- Troy Global Income added to Favourite funds list, alongside Evenlode Global Income
Ryan Hughes, head of active portfolios at AJ Bell, comments:
“The departure of Nick Clay from BNY along with his co-manager Andrew MacKirdy and two analysts for RWC left a very large hole in the team at BNY. Clay had been associated with the fund for many years, firstly as a deputy manager and then as the lead for the past 5 years and therefore his departure sees a huge amount of experience walk out of the door. This is a fund we know very well and it is used in our Income portfolio and sits on our Favourite fund list.
“However, given the departure of the managers and the fact that some of the team have also left, we have removed the ‘buy’ rating from the fund and taken it out of our portfolios and off the Favourite fund list. In our Income MPS, we have replaced the fund with the Evenlode Global Income fund, while on the Favourite fund list, we have added the Troy Global Income fund, managed by James Harries to sit alongside Evenlode Global Income which was also recently added in place of Saracen Global Growth & Income.
“Both Evenlode and Troy are managers we know very well as we currently use the UK version of the global funds. Both managers have a focus on high quality companies that generate sustainable cashflow, something that could prove to be very important in these challenging times. The team at Evenlode have built a very strong business that is gaining wider recognition for global investing while at Troy, their focus on long term investing and avoiding permanent loss of capital should be an attractive feature for long term investors.”