UK small cap funds see second highest inflows on record in April
IA UK Smaller Companies took in £240m in April as economy began opening back up
UK small cap funds enjoyed a bumper April, recording their second highest inflow on record, as investors bet on the domestic economy following the relaxing of Covid restrictions.
Savers poured £240m into the IA UK Smaller Companies sector last month, up from £217m in March, according to data from the Investment Association. This was its highest monthly inflow since the record £279m in December 2019.
UK equities as a whole took in £46m of net retail inflows in April, with UK Smaller Companies’ strong performance offsetting outflows from the UK All Companies and UK Equity Income sectors which lost £65.7m and £128m respectively.
Rathbones poaches Brooks Macdonald Aim specialist
Scott Lothian joins as an investment director to expand firm’s tax portfolio service
Rathbones Investment Management has nabbed an Aim specialist from Brooks Macdonald to expand its tax portfolio service.
Scott Lothian (pictured) worked at Brooks Macdonald from 2010 as a senior investment director and head of its Aim portfolio service. He has also worked as a senior investment manager for Adam & Company.
His role at Brooks Macdonald was taken over by Ewan Millar who joined the company as part of its acquisition of Cornelian Asset Managers.
Rathbones regional director in Edinburgh Simon Dewar said: “Given his extensive experience, he will be a valuable addition to the team in Edinburgh and will further bolster our investment team in Scotland while also helping to expand the depth and reach of Rathbone’s well-respected specialist tax portfolio service.”
Blue Whale Growth sees Gucci-owner and Google parent slide into top 10 holdings
Manager Stephen Yiu purchased French fashion house Kering in February
Gucci-owner Kering and Alphabet have both made their way into top 10 positions in Blue Whale’s £783m Growth fund.
The Blue Whale Growth fund, managed by Stephen Yiu (pictured left) traded Italian fashion house Moncler for French rival Kering in February this year on valuations grounds.
Moncler, which is known for its luxury ski apparel, had been in the portfolio since Yiu launched the £783.5m fund in September 2017 but had only crept into the top 10 holdings this January.