BRITAIN S TOP 100 FUND MANAGERS 2008

Transcription

1

2 A successful PROFIT hunter. Have you got one working for your client s pension portfolio? IT S NOT easy being a Profit hunter. You have to be prepared for anything, as Profits are such unpredictable creatures. You also need stamina, instinct and should your quarry become more elusive, the skill to hunt off the beaten track. Profits though are what a pension is designed to deliver. So the more impressive specimens you ve got in your client s pension portfolio, the better. The ideal solution is to have an Artemis hunter working tirelessly on your behalf. Our fund range offers diversification and solid performance, a reputation for excellent stock selection, years of successful expeditions and a raft of industry awards. So why not get one of our aces out there for your client s portfolio. It could be just what their pension needs. Telephone: [email protected] Website: FOR PROFESSIONAL ADVISERS ONLY. Issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is a member of the IMA. Artemis Fund Managers Limited is a member of the Artemis Marketing. We only market our own unit trusts. For your protection calls are usually recorded. CFI/AC

3 Editor Charlie Parker Editor in Chief Gavin Lumsden Writers Dylan Lobo Matt Goodburn Dave Campbell Nick Paler Sub Editor Steve Warrington Editorial Head of Research Jonathan Miller Researcher Katharine Dixon Frank Talbot Production Manager Claire O Malley [email protected] Design Scratch Design [email protected] Chief Executive David Turner [email protected] Executive Chairman Lawrence Lever [email protected] Publisher Piers Johnson [email protected] Commercial Director George Ball [email protected] Welcome to Britain s Top 100 Fund Managers 2008 Every year when we search for the Top 100 fund managers in Britain I learn something new about the talent in this industry. It never ceases to amaze me how consensus-opinion can build up about which fund managers and which fund groups are doing well. Then, when you step back and look at the numbers, you discover new names you have never heard of but are really delivering the goods. Yet while new names pop up throughout the Top 100, the top of the table is still dominated by an elite band of UK smaller companies managers who seem to defy all the competition. Last year s winner Daniel Nickols from Old Mutual Asset Managers may have slipped down to fourth place but he remains in the heady company of a group including Georgina Brittain from JP Morgan Asset Management and David Clark from Resolution. At the top of this group is this year s Top 100 Fund Manager of the Year, Standard Life Investments Harry Nimmo. This small group of managers, who consistently deliver excellent riskadjusted returns continue to dominate and are testament to how many genuine stockpicking opportunities still exist in the UK equity market. Clearly, smaller company stocks are still under researched enough that real fund management talent can significantly beat the benchmark with rigorous research. Contents Charlie Parker Editor Focus on growth sees Nimmo named Top 100 Fund Manager Top 100 fund managers over 3 years 10 Top 100 fund managers over one year 14 Top 100 fund manager profiles and sector winners 17 Index by fund manager 71

4 Focus on growth sees Nimmo named Top 100 fund manager 2008 The small-cap sector once again dominates Citywire s exclusive Top 100 Fund Managers, with Standard Life Investments Harry Nimmo claiming top spot, writes Nick Paler. However, the strong performance of Asian economies has seen the region s outstanding managers also make their presence felt Citywire A-rated Harry Nimmo, manager of the Standard Life Investments UK Smaller Companies fund, has claimed the title of Citywire Top 100 Fund Manager of the Year The award is bestowed on the manager who achieves the highest Citywire Manager Ratio (MR). Based on the information ratio but designed to calculate an individual fund manager s performance rather than that of their fund, the MR measures how much return a manager has added for each unit of risk they have taken. Risk is measured as the individual s divergence from a benchmark which is assigned by Citywire. A manager with an MR of 0.5 is considered good and anything over 1 excellent. For a full explanation of how the MR is calculated, turn to page 7. Nimmo has taken top spot over three years to December 2007, having added 2.62 units of return for every one unit of risk he took on an annualised basis, a hugely impressive result. Last year s winner, Old Mutual Asset Managers Dan Nickols, finished fourth following another strong performance, although his MR of 1.97 was some way behind the other front runners. Over the three years his MR was measured, Nimmo returned 81.78% in total return terms, against a sector average of 36.87%. Only Nickols achieved higher total returns, generating 85.93% but taking Sector winners To qualify as a sector winner a manager must have made the overall Top 100, as well as topped their own individual sectors based only on the performance of the funds they run in that sector. In the smaller companies sector Nimmo is ahead of the pack in terms of manager ratio. However, other smaller company fund managers also achieved very high MR s overall, with the top four managers in the 100 all coming from the IMA UK Smaller Companies sector. In second place, Resolution s David Clark achieved an MR of 2.58, while Georgina Brittain was not far behind with a score of ECONOMIC WORRIES HAVE UNSETTLED SMALL-CAP RETURNS IN RECENT MONTHS Source: Lipper Total returns (%) FTSE All Share TR (IN) Jan-05 IMA UK Smaller Companies (IN) Jan-07 Jan-08 There s a focus on sustainable growth and momentum and I stick with that process. It s definitely about the bottom-up style as it is very difficult to spot turns in markets Harry Nimmo, Standard Life Investments

5 Nimmo s winners push him to the summit When buying small-caps, Nimmo is always on the lookout for firms which can become tomorrow s larger companies. The manager focuses on sustainable growth firms showing signs of momentum and he hunts for quality businesses with recurring revenue streams. He admits freely that he is not a value player or a recovery specialist and he shies away from speculative start-up firms, preferring to invest in established businesses which he can hold for the long-term. There s a focus on sustainable growth and momentum and I stick with that process. It s definitely about the bottom-up style as it is very difficult to spot turns in markets, he says. Nimmo normally invests in a stock for around three years, with his portfolio typically experiencing 30% turnover a year. He refreshes the portfolio when needed with businesses chosen from a universe of around 1,000 firms. Nimmo narrows the universe down by using a proprietary stock selection matrix to highlight opportunities, finding firms with share price momentum and earnings revisions. He also searches for under-owned shares for inclusion in his 70-stock portfolio. The screening process cuts out a lot of the leg work, with Nimmo well supported at Standard Life Investments (SLI) by a back room quant team. Having screened the universe, Nimmo will then meet with companies he is interested in to check the quality of the firm s business model, considering factors such as pricing power and market share. Key to Nimmo s success is his ability to keep running his winners and cutting his losers, and while some managers make the mistake of selling a successful business too early, Nimmo will hold onto a firm as long as it is producing the goods for him. Some of Nimmo s bottom-up calls which have driven performance over the last three years include buying the mezzanine finance company Intermediate Capital, as well as Asos. Nimmo bought the online fashion retailer for 70p a share, and it is now trading at While Nimmo s process focuses on uncovering individual firms with improving conditions, which have not been recognised by the market, certain themes have come to the fore in the portfolio recently. One of the most successful trends to have emerged over the last 18 months has been that of online business models. Online firms, such as Paddy Power, have been in vogue recently and currently account for 14% of the manager s portfolio. He also holds a lot of oil and gas stocks, worth around 10% of his fund, and he is now invested heavily in defensive non-cyclical firms. Nimmo is confident he can continue to outperform his peers as the more testing economic environment suits his investment style. Our fund has a real feel of quality growth, so it does better in periods of uncertainty, he says. Nimmo also runs the SLI Smaller Companies Investment Trust, a more concentrated portfolio with around 50 stocks. HARRY NIMMO: CITYWIRE TOP 100 MANAGER 2008 Total returns (%) Jan-05 Harry Nimmo Average UK Smaller Companies manager Jan-06 Jan-07 Source: Citywire Jan-08

6 more risk. Meanwhile, Clark returned 73.82% and Brittain 58.26%. Small-cap managers were not the only ones to shine over the last three years, and three of the top 10 managers were in the Asia Pacific Excluding Japan sector. These included Legg Mason s A-rated Asia Pacific co-managers Curtis Butler and Ray Prasad, who topped their sector with an MR of Not only did the duo generate a significant portion of their returns by making calls away from the benchmark, they also achieved an overall return of % over three years, compared to the sector average of %. The other manager in the sector to make it into the top 10 was Fidelity s Allan Liu, who achieved an MR of In total return terms A-rated Liu was also impressive, beating the Legg Mason duo after achieving a return of %. Elsewhere among the sector winners, A-rated Guy de Blonay once again topped the specialist sector and finished seventh overall, with an MR of He just pipped his peer commodities investor, Graham Birch from BlackRock, who was eighth overall with a MR of 1.67 and second in the specialist sector. However Birch, who is also A-rated, had the last laugh after benefiting from the explosion in commodity prices. He managed to return 150% to investors over Small-cap managers were not the only ones to shine over the last three years, and three of the top 10 managers in terms of MR were in the Asia Pacific Excluding Japan sector 36 months, ahead of de Blonay s 90.77%. Another notable performer was Daniel Hanbury, who came ninth in the top 100 list with a manager ratio of A-rated Hanbury s MR was based on his performance in managing both the River & Mercantile UK Equity Unconstrained and UK Equity Smaller Companies funds, and prior to that funds from Investec. His rating was also enough to secure him fifth place in the small companies sector. In total return terms his small-cap portfolio achieved a return of 48.06%, against the IMA UK Smaller Companies sector average of 38.87%, over three years. THE ASIA PACIFIC EXCLUDING JAPAN SECTOR HAS PRODUCED STRONG PERFORMANCES Total returns (%) Jan-03 IMA Asia Pacific Excluding Japan (IN) Jan-04 Jan-05 FTSE All Share TR (IN) Jan-06 Source: Lipper Jan-07 Jan-08 The big guns As is often the case, the Top 100 also included the biggest names in the industry, such as Neil Woodford. The manager of the UK s largest individual fund is ranked at 32 this year, with an MR of 0.95 overall, which covers the funds he runs across a number of sectors. However, in terms of the equity income category his ratio is much higher. He has topped the sector with an MR NUMBER OF MANAGERS IN THE TOP 100 BY GROUP OVER ONE AND THREE YEARS Source: Citywire GROUP 3 YEARS 1 YEARS JP Morgan 8 7 Threadneedle 8 8 Artemis 6 1 BNY Mellon AM 4 6 M&G 4 3 Old Mutual 4 3 Schroders 4 3 Baillie Gifford 3 2 Henderson Glb Inv 3 4 Invesco Perpetual 3 1 Jupiter 3 3 Martin Currie 3 2 Neptune 3 2 Standard Life Inv 3 1 AEGON 2 2 AXA Framlington 2 2 Baring 2 3 EEA 2 - Fidelity 2 5 Investec 2 2 Legg Mason 2 2 New Star 2 2 Resolution 2 2 Sarasin 2 2 Smith & Willmsn 2 - Aberdeen 1 - Allchurches 1 - Allianz 1 1 Aubrey Capital 1 - BlackRock 1 4 Cazenove 1 1 Dalton Strategic 1 - Discretionary 1 1 First State 1 1 Gartmore 1 1 Guinness AM 1 - Insight Investment 1 2 Lazard 1 - Norwich Union 1 - Rathbone 1 1 Rensburg 1 - River & Mercantile 1 2 SVM 1 1 SWIP 1 2

7

8 8 of 1.31, awarded to him for his handling of the Invesco Perpetual Income and High Income funds, as well for his stewardship of the St James s Place UK High Income fund. In total return terms, the manager achieved a return of 70.5% over the three year period, compared to the income sector average of 41.19%. Interestingly, Woodford was the only manager in the income sector to achieve an MR above 1 for his performance over the last three years. Another winner, also A-rated by Citywire, is Aegon Asset Management s Stephen Adams. He has achieved an MR of 1.24 and was 13th overall in the Top 100. The life and pensions giant seems intent on making its presence felt in the fund management arena, and as well as Adams, the firm s Audrey Ryan is also in the Top 100. She finished 35th with an MR of 0.94, having generated significant returns for investors in her Aegon Ethical Cautious Managed and Ethical Equity funds, as well as her UK Opportunities vehicle. Working environments While the majority of the top 10 managers have little in common other than sectors and using varying styles and approaches to run money, other trends can be found by looking at which investment houses have the majority of top performing managers. This year both JPMorgan and Threadneedle can each boast eight of the top 100 managers, which possibly alludes to the fact their working environment is conducive to strong performance. It also rings true that while the top 10 managers operate in a variety of sectors, all of them invest in diverse areas which are less well covered by analysts. For example, there are no UK large-cap managers within the group, highlighting that inefficient markets have once again provided the most opportunities for managers to generate returns away from their peers. NUMBER OF A MANAGERS IN THE TOP 100 BY GROUP Source: Citywire GROUP YEARS JP Morgan 5 Threadneedle 3 M&G 2 Old Mutual 2 Schroders 2 Henderson Global Investors 2 Invesco Perpetual 2 Jupiter 2 AEGON 2 Legg Mason 2 Sarasin 2 BNY Mellon Asset Management 1 Martin Currie 1 Neptune 1 Standard Life Investments 1 Baring 1 Fidelity 1 New Star 1 Resolution 1 Aubrey Capital 1 BlackRock 1 Cazenove 1 First State 1 Gartmore 1 Guinness Asset Management 1 Insight Investment 1 Lazard 1 Rathbone 1 River & Mercantile 1 SVM 1 Methodology The Citywire survey of Britain s Top 100 Fund Managers 2008 was based on Citywire s analysis of active fund managers within the 24 main IMA unit trust sectors. The key result was each manager s Citywire Manager Ratio, which is based on risk-adjusted performance across all the funds they managed over the three-year period to 31 December To qualify, managers had to have been an active fund manager of retail funds (trackers, institutional funds etc were stripped out of the analysis) within one of the 24 sectors and they still needed to have been active fund managers at the end of the period. The results list the 100 eligible managers with the highest risk-adjusted performance in descending order. Citywire s Manager Ratio: The manager ratio is based on the industry-standard information ratio, which reflects a fund s riskadjusted performance relative to an appropriate benchmark index (with the benchmark assigned by Citywire based on the fund s objective and investment style). The ratio reflects how much added value in terms of outperformance of the benchmark for each unit of risk assumed, where risk is defined as not mirroring the benchmark s returns. The manager ratio modifies the standard information ratio to account for the fact that individual fund managers may change jobs, and enjoy a spell of gardening leave when they are not active managers of any funds, but may also run more than one fund at any point in time or indeed different funds over time. A positive ratio is good (and a negative ratio not good) while ratios above 0.5 are impressive and above 1 extremely impressive. Citywire s Manager Ratings: Citywire assigns A, and A ratings to fund managers who overcome certain performance hurdles based on their three-year manager ratio. Roughly 20% of UK active fund managers running a qualifying unit trust will gain a rating and less than 5% achieve a top A-rating. The collection of career data used to calculate the individual s career history and personal performance track records, along with the ratings outputs, have been approved and verified by AKG Actuaries & Consultants, a leading firm of independent actuaries.

9

10 10 TOP 100 FUND MANAGERS All IMA Sectors - 3 Years 31/12/ /12/2007 Source: Citywire POSITION NAME CITYWIRE FUNDS MANAGER MANAGER CURRENTLY RATIO RATING GROUP MANAGED 1 Harry Nimmo A Standard Life Investments Standard Life Inv UK Smaller Companies Ret Acc 2 David Clark A Resolution ResolutionAsset Smaller Companies Acc 3 Georgina Brittain A JP Morgan JPM UK Smaller Companies A Acc 4 Daniel Nickols A Old Mutual Old Mutual UK Select Smaller Companies Acc 5 Curtis Butler A Legg Mason Legg Mason Asia Pacific A 5 Ray Prasad A Legg Mason Legg Mason Asia Pacific A 7 Guy de Blonay A New Star New Star Global Financials 8 Graham Birch A BlackRock Merrill Lynch Gold & General Inc 9 Daniel Hanbury A River & Mercantile River and Mercantile UK Equity Unconstrained A A River and Mercantile UK Equity Smaller Cos A 10 Allan Liu A Fidelity Fidelity South East Asia Acc 11 Andrew Crawford A Threadneedle Threadneedle Monthly Extra Income 12 Paul Marriage A Cazenove Cazenove UK Smaller Companies B Acc 13 Stephen Adams A AEGON AEGON UK Equity Acc A 14 John Baker A JP Morgan JPM Europe Dynamic ex-uk A Acc JPM Europe A Acc JPM UK Dynamic A Inc 15 Christopher White A Threadneedle Threadneedle Pan European Eq Div Net Acc GBP Threadneedle UK Growth & Income C1 Threadneedle Monthly Extra Income Threadneedle Managed Income 16 Ian Smart A Lazard Lazard Managed Balanced Retail Inc 17 Vanessa Donegan A Threadneedle Threadneedle Asia C1 18 Guy Monson A Sarasin Sarasin EquiSar Global Thematic Acc A 18 Harry Talbot Rice A Sarasin Sarasin EquiSar Global Thematic Acc A 20 David Jane A M&G M&G Managed X Inc M&G Cautious Multi Asset A Inc 21 Ashton Bradbury A Old Mutual Old Mutual UK Select Mid Cap Acc 22 Edward Pulling A JP Morgan JPM Asia A Acc 23 Nick Clay A BNY Mellon Asset Management Newton Managed 24 Malcolm Herring A Baring Baring Portfolio 25 Aidan Farrell A Insight Investment Insight Investment Pan European Sel Opps Acc A Insight Investment Insight Investment European Small Cap A Acc 26 Thomas Dobell A M&G M&G Recovery A Inc 27 Andrew Dalrymple A Aubrey Capital S&W Aubrey Global Conviction 28 Richard Smith A Invesco Perpetual Invesco Perpetual UK Smaller Companies Equity 29 Neil Rogan A Gartmore Gartmore Global Focus Acc 30 Philip Gibbs A Jupiter Jupiter Financial Opportunities 31 Martin Lau A First State First State Greater China Growth A 32 Neil Woodford A Invesco Perpetual Invesco Perpetual Distribution Acc A Invesco Perpetual Income Inc St James s Place UK High Income Acc Invesco Perpetual High Income Inc Invesco Perpetual Monthly Income Plus Inc 33 Geoffrey Paton A Henderson Global Investors Henderson Global Technology A Acc 33 Stuart O Gorman A Henderson Global Investors Henderson Global Technology A Acc 35 Audrey Ryan A AEGON AEGON Ethical Cautious Managed Acc A AEGON Ethical Equity Acc A AEGON UK Opportunities A Acc 36 Charlie Thomas A Jupiter Jupiter Ecology 37 Colin McLean A SVM Scottish Friendly Managed Growth SVM Global Opportunities A Scottish Friendly UK Growth 38 Tom Walker A Martin Currie Martin Currie North America A Martin Currie Martin Currie North American Alpha A 39 James Thomson A Rathbone Rathbone Global Opportunities Acc 40 Francesco Conte A JP Morgan JPM Europe Smaller Companies A Acc 40 Jim Campbell A JP Morgan JPM Europe Smaller Companies A Acc 42 Tim Guinness A Guinness Asset Management Investec Global Energy A Acc Net 43 Jenny Jones A Schroders Schroder US Small & Mid Cap Acc Schroder US Smaller Companies Inc 44 Felix Wintle A Neptune Neptune US Opportunities A Acc Neptune Global Income A Acc 45 Rosemary Banyard A Schroders Schroder UK Smaller Companies Inc 46 Jacqueline Kerr Standard Life Investments Standard Life Inv Managed Ret Acc Standard Life Inv Global Advantage Ret Acc Standard Life Inv Dynamic Distribution Ret Acc 47 Robin Geffen Neptune Neptune Global Alpha A Acc Neptune China A Acc Neptune Balanced Acc Neptune Global Equity A Acc Neptune Russia & Greater Russia A Acc Neptune Income A Acc Neptune Quarterly Income Acc 48 Aled Smith M&G M&G Asian A Inc M&G Global Leaders A Inc M&G American A Inc 49 Richard Buxton Schroders Schroder UK Large Cap Inc Schroder UK Alpha Plus Inc Norwich UK Special Situations SC 1

11

12 12 TOP 100 FUND MANAGERS All IMA Sectors - 3 Years 31/12/ /12/2007 Source: Citywire POSITION NAME CITYWIRE FUNDS MANAGER MANAGER CURRENTLY RATIO RATING GROUP MANAGED 50 Leigh Harrison Threadneedle Threadneedle UK C1 Threadneedle UK Equity Income C1 Threadneedle UK Equity Alpha Inc Net Dist GBP 51 Jonathan Barber Threadneedle Threadneedle UK Monthly Income C1 52 Stephen Docherty Aberdeen Aberdeen World Equity A Inc 53 Rob Burnett Neptune Neptune European Opportunities A Acc 54 Rory Hammerson SWIP SWIP Pan European Equity A Acc SWIP Pan-European SRI Equity A Acc SWIP Pan European Smaller Companies A Acc 55 Simon Shaw EEA Elite EEA UK Financials Acc Elite EEA UK Equity Acc 55 Jonathan Fieldsend EEA Elite EEA UK Financials Acc Elite EEA UK Equity Acc 57 John Dodd Artemis Artemis UK Smaller Companies 58 Lucy MacDonald Allianz Allianz RCM Global Equity A 59 James Buckley Baring Baring European Growth 60 Ian McVeigh Jupiter St James s Place Cautious Acc Jupiter UK Growth 61 Robin Hepworth Allchurches Allchurches European Growth A Allchurches International Growth A Allchurches Higher Income A 62 Stuart Sharp Rensburg Rensburg UK Managers Focus Rensburg UK Smaller Companies Rensburg UK Micro Cap Growth 63 Gerald Smith Baillie Gifford Baillie Gifford Pacific A Acc Baillie Gifford Emerging Markets Growth A Acc 64 Jane Andrews Smith & Williamson Smith & Williamson Far Eastern Growth Trust 65 William Calvert AXA Framlington AXA Framlington Emerging Markets Acc 66 Adrian Frost Artemis Artemis Income Artemis High Income 66 Adrian Gosden Artemis Artemis Income Artemis High Income 68 Peter Saacke Artemis Artemis European Growth Artemis Global Growth 69 Simon Knott Discretionary Discretionary Unit 70 Tracey Lander Old Mutual Old Mutual Select Managed Acc 71 Jeremy Podger Threadneedle Threadneedle Global Select C1 72 James Foster Artemis Artemis Strategic Bond Q Acc 72 Alex Ralph Artemis Artemis Strategic Bond Q Acc 74 Richard Peirson AXA Framlington AXA Framlington Managed Balanced Acc AXA Framlington Financial 75 Jonathan Ingram JP Morgan JPM Europe A Acc JPM Europe Dynamic ex-uk A Acc JPM UK Dynamic A Inc 76 Simon Laing BNY Mellon Asset Management Newton American 77 Wesley McCoy Standard Life Investments Standard Life Inv UK Equity Unconstrained Retail 78 Mark Breedon Investec Investec Global Free Enterprise A Acc Net 79 Cormac Weldon Threadneedle Threadneedle American Select C1 Threadneedle American Smaller Companies C1 80 Andrew Yeadon Schroders Schroder Multi-Manager High Alpha Portfolio Acc Schroder Multi-Manager Strategic Balanced Acc Schroder Managed Balanced Acc Schroder Multi-Manager Cautious Managed Acc 81 Adrian Bignell Invesco Perpetual Invesco Perpetual European Smaller Companies Acc 82 Leonard Klahr Old Mutual Old Mutual Extra Income Acc 83 Manraj Sekon Henderson Global Investors Henderson International A Acc 84 Brenda Reed Fidelity Fidelity Managed International Acc 85 Ben Lloyd Baillie Gifford Baillie Gifford Pacific A Acc 86 Mervyn Douglas Norwich Union Norwich UK Focus SC 1 87 Barry Norris Resolution ResolutionAsset Argonaut European Alpha A Acc 88 Craig Heron New Star New Star Active Portfolio A Acc New Star Balanced Portfolio A Acc New Star Managed Portfolio A Inc New Star Cautious Portfolio Acc 89 Andrew Holliman Threadneedle Threadneedle American C1 90 Henrietta Luk Dalton Strategic Partnership Melchior Asian Opportunities GBP B 91 Charles Oliver Smith & Williamson Smith & Williamson Global Gold & Resources Inc 92 Philip Collins BNY Mellon Asset Management Newton Phoenix Multi-Asset Inc 93 Ian Henderson JP Morgan JPM Natural Resources A Acc JPM Global Financials A Acc 94 Michael Felton M&G M&G UK Select A Acc 95 Jason McCay Martin Currie Martin Currie Asia Pacific A 95 Richard Evans Martin Currie Martin Currie Asia Pacific A 97 Richard Sneller Baillie Gifford Baillie Gifford Emerging Markets Growth A Acc 98 Iain Stewart BNY Mellon Asset Management Newton Absolute Intrepid Newton Balanced 99 Eytan Shapiro JP Morgan JPM US Smaller Companies A Acc 100 Chris O Hare Investec Investec Monthly High Income A Inc Net

13 Issued by Insight Investment Management (Global) Limited. Registered office 33 Old Broad Street, London EC2N 1HZ. Registered in England and Wales. Registered number Authorised and regulated by the Financial Services Authority. The perfect fit. To construct and implement effective client based investment solutions you need access to a range of core investment capabilities that aim to deliver superior performance. Our platform has been designed to provide complete flexibility through a range of crafted asset classes and investment capabilities. Its breadth, depth and scalability means we can create investment solutions for clients regardless of size, investment need or objective. This is insight. For further information on how we can meet your investment objectives, us at [email protected] or call More insight. Not more of the same.

14 14 TOP 100 FUND MANAGERS All IMA Sectors - 1 Year 31/12/ /12/2007 Source: Citywire POSITION NAME CITYWIRE FUNDS MANAGER MANAGER CURRENTLY RATIO RATING GROUP MANAGED 1 David Clark A Resolution ResolutionAsset Smaller Companies Acc 2 Harry Nimmo A Standard Life Investments Standard Life Inv UK Smaller Companies Ret Acc 3 Philip Rodrigs A Investec Investec UK Smaller Companies A Acc Net 4 John Dodd A Artemis Artemis UK Smaller Companies 5 Nick Clay A BNY Mellon Asset Management Newton Managed 6 Greg Kuhnert A Investec Investec Asia ex Japan A Acc Net 7 Elaine Morgan A AEGON AEGON UK Smaller Companies A Acc 8 Felix Wintle A Neptune Neptune US Opportunities A Acc Neptune Global Income A Acc 9 Paul Marriage A Cazenove Cazenove UK Smaller Companies B Acc 10 Georgina Brittain A JP Morgan JPM UK Smaller Companies A Acc 11 Iain Stewart A BNY Mellon Asset Management Newton Absolute Intrepid Newton Balanced 12 Anthony Eaton A JM Finn CF JM Finn Global Opportunities Retail Acc 13 Brenda Reed A Fidelity Fidelity Managed International Acc 14 Daniel Hanbury A River & Mercantile River and Mercantile UK Equity Unconstrained A River and Mercantile UK Equity Smaller Cos A 14 Richard Staveley A River & Mercantile River and Mercantile UK Equity Unconstrained A River and Mercantile UK Equity Smaller Cos A 16 Mark Westwood A Threadneedle Threadneedle UK Select C1 17 Curtis Butler A Legg Mason Legg Mason Asia Pacific A 17 Ray Prasad A Legg Mason Legg Mason Asia Pacific A 19 Paul Reed A Marlborough Marlborough High Yield Fixed Interest 20 Philip Dicken A Threadneedle Threadneedle Pan European Smaller Companies C1 21 Simon Haines A Threadneedle Threadneedle UK Mid Graham Birch A BlackRock Merrill Lynch Gold & General Inc 23 Daniel Nickols A Old Mutual Old Mutual UK Select Smaller Companies Acc 24 Simon Knott A Discretionary Discretionary Unit 25 Suresh Sadasivan A Old Mutual Old Mutual Asian Select Acc 26 Manraj Sekhon A Henderson Global Investors Henderson International A Acc 27 Ashton Bradbury A Old Mutual Old Mutual UK Select Mid Cap Acc 28 Guy de Blonay A New Star New Star Global Financials 29 Geoffrey Paton A Henderson Global Investors Henderson Global Technology A Acc 29 Stuart O Gorman A Henderson Global Investors Henderson Global Technology A Acc 31 Bob Haber A Fidelity Fidelity American Special Situations Acc 32 Vanessa Donegan A Threadneedle Threadneedle Asia C1 33 Aidan Farrell A Insight Investment Insight Investment Pan European Sel Opps Acc Insight Investment European Small Cap A Acc GBP 34 Thomas Dobell A M&G M&G Recovery A Inc 35 Nicholas Williams A Baring Baring Europe Select GBP 36 Robin Geffen A Neptune Neptune Global Alpha A Acc Neptune China A Acc Neptune Balanced Acc Neptune Global Equity A Acc Neptune Russia & Greater Russia A Acc Neptune Quarterly Income Acc Neptune Income A Acc 37 Charles Anniss A M&G M&G European Smaller Companies A Inc 38 Greg Bennett A Marlborough Marlborough UK Large Cap Growth A Marlborough UK Equity Income 39 Richard Smith A Invesco Perpetual Invesco Perpetual UK Smaller Companies Equity Acc 40 James Thomson A Rathbone Rathbone Global Opportunities Acc 41 Timothy Youngman A Ruffer CF Ruffer European O Acc 42 Michael Fitzhugh A Thornhill Thornhill American 43 James Harries A BNY Mellon Asset Management Newton Global Higher Income Inc 44 Rosemary Banyard A Schroders Schroder UK Smaller Companies Inc 45 Paul Mumford A Cavendish Cavendish Opportunities Retail Cavendish AIM Retail 46 Ed Robinson A Insight Investment Insight Investment UK Small Cap A Acc Halifax Smaller Companies C 47 Allan Liu A Fidelity Fidelity South East Asia Acc 48 Stephen Adams A AEGON AEGON UK Equity Acc A 49 Oleg Biryulyov A JP Morgan JPM New Europe A Acc 49 Amr Seif A JP Morgan JPM New Europe A Acc

15 15 TOP 100 FUND MANAGERS All IMA Sectors - 1 Year 31/12/ /12/2007 Source: Citywire POSITION NAME CITYWIRE FUNDS MANAGER MANAGER CURRENTLY RATIO RATING GROUP MANAGED 51 Alex Stanic A BNY Mellon Asset Management Newton Global Opportunities 52 Lucy MacDonald A Allianz Allianz RCM Global Equity A 53 Cormac Weldon A Threadneedle Threadneedle American Select C1 Threadneedle American Smaller Companies C1 54 Alison Porter A Resolution ResolutionAsset American Growth Inc 55 Steve Hewitt A Threadneedle Threadneedle UK Accelerando C1 56 Tom Walker A Martin Currie Martin Currie North America A Martin Currie North American Alpha A 57 Samuel Morse A Fidelity Fidelity Moneybuilder Growth 58 Stephen Kelly A AXA Framlington AXA Framlington American Growth Acc 59 Ben Russon A BNY Mellon Asset Management Newton UK Opportunities 60 Neil Wagner A BlackRock Merrill Lynch US Opportunities Inc 61 David Dudding A Threadneedle Threadneedle European Smaller Companies C1 62 Ross Moscatelli A Singer & Friedlander Singer & Friedlander American Growth R 62 Craig Juran A Singer & Friedlander Singer & Friedlander American Growth R 64 Simon Laing A BNY Mellon Asset Management Newton American 65 Philip Brides A BlackRock Merrill Lynch Growth Portfolio Inc Merrill Lynch Income Portfolio Inc 66 Jenny Jones A Schroders Schroder US Small & Mid Cap Acc Schroder US Smaller Companies Inc 67 Francesco Conte JP Morgan JPM Europe Smaller Companies A Acc 67 Jim Campbell JP Morgan JPM Europe Smaller Companies A Acc 69 Colin Graham BlackRock Merrill Lynch Balanced Portfolio 70 William Calvert AXA Framlington AXA Framlington Emerging Markets Acc 71 Justin Turner HSBC Investments HSBC Balanced Inc 72 Raji Manasseh Goldman Sachs Lincoln Internet Tollkeeper Trust 73 Simon Bailey M&G Prudential Small Companies Trust Inc M&G Smaller Companies A Inc 74 Colin Riddles Societe General SG UK Smaller Companies Retail Acc 75 Tim Dieppe Henderson Global Investors Henderson Industries of the Future A Inc Henderson Global Care Growth A Inc 76 Eytan Shapiro JP Morgan JPM US Smaller Companies A Acc 77 Richard Sennitt Schroders Schroder Far East Income Inc 78 Rita Grewal Fidelity Fidelity Portfolio 79 Marcus Brooks Cornelian CF Cornelian Growth B Acc CF Cornelian Balanced B Acc 80 Philip Gibbs Jupiter Jupiter Financial Opportunities 81 Christopher Palmer Gartmore Gartmore Emerging Markets Opportunities Acc 82 Alec Letchfield HSBC Investments HSBC UK Focus Acc 83 Kim Lee Canada Life CF Canlife Far East Acc 84 Hitesh Thakrar New Star New Star Technology Acc 85 Andrew Holliman Threadneedle Threadneedle American C1 86 Guy Monson Sarasin Sarasin EquiSar Global Thematic Acc A 86 Harry Talbot Rice Sarasin Sarasin EquiSar Global Thematic Acc A 88 Simon Somerville Jupiter Jupiter Japan Income Acc 89 Sam Rahman Baring Baring American Growth 90 Philip Ehrmann Jupiter Jupiter Asian Jupiter China Acc 91 Alison Hamilton Martin Currie Martin Currie Global A Martin Currie Global Alpha A Acc 92 Edward Pulling JP Morgan JPM Asia A Acc 93 Malcolm Herring Baring Baring Portfolio 94 Christopher Childs F&C F&C High Income 95 Ian Tabberer SWIP SWIP North American A Acc Scottish Widows American Growth A Acc SWIP North American Smaller Companies A Acc Scottish Widows American Smaller Companies A Acc 96 Paul Jourdan First State First State British Smaller Companies A 97 Michael Brewis Baillie Gifford Baillie Gifford American A Acc 97 Pete Cawston Baillie Gifford Baillie Gifford American A Acc 99 Colin McLean SVM Scottish Friendly Managed Growth SVM Global Opportunities A Scottish Friendly UK Growth 100 Rory Hammerson SWIP SWIP Pan-European SRI Equity A Acc SWIP Pan European Equity A Acc SWIP Pan European Smaller Companies A Acc

16 SPONSORED STATEMENT Two styles combine to give Legg Mason the edge in Asia A combination of quantitative techniques and traditional fundamental analysis has enabled the Legg Mason Asia Pacific Fund to deliver impressive performance returns whatever the market conditions Curtis Butler of Batterymarch Financial Management, the fund s manager, says in the past most investors in Asia employed a purely fundamental approach to picking stocks. However, for more than a decade improvements in disclosure and data quality have allowed managers like Batterymarch to apply their time-tested quantitative models to Asia as well. We combine the best of both a quantitative model that can evaluate a large number of stocks on a daily basis with the insights provided by the fundamental work of experienced portfolio managers, says Butler. This produces a robust, systematic process, while still incorporating the benefit of a human reality check on information about corporate governance, management quality or changes in the market environment that the model might not capture. The model is the team s best stockpicker, according to Butler. It ranks more than 1000 stocks every day and has an exceptional record of pointing us to the outperformers. This process allows us to analyse many more stocks than a typical fund manager can do, and we focus our fundamental work on the list of stocks ranked at the top. As liquidity continues to grow in the market, the number of opportunities will grow with it, making it essential to have a systematic approach. From time to time there are situations in which the team uses its fundamental skills to add value to the process. We are there to serve as a reality check, complementing the model with information it might A QUANTITATIVE APPROACH WITH THE HUMAN TOUCH Total Returns (%) Jan-05 Legg Mason Asia Pacific A (MF) Jan-06 IMA Asia Pacific Excluding Japan (IN) Jan-07 Jan-08 not be able to capture, such as corporate governance problems, M&A activity, or apparent disconnects between the market consensus and the reality on the ground, says Butler. This combined process gave the team a demonstrable advantage during the volatile market conditions of It was a hard fought year for performance. Pure Butler: the best of both worlds quant approaches ran into trouble when their models had difficulty with the rapid rate of change, and pure fundamental approaches highlighted the behaviour of fund managers tends to be emotional and sub-optimal. He notes that many managers significantly reduced risk in August only to regret the decision a month later. We recognised where the quant model might struggle and offset it with fundamental decisions at the margin, which meant we were able to hang on to performance on the downside and participate on the upside. One of the benefits of owning the model is that the team has been able to help it evolve. We ve been managing with this process for over 10 years and during that time we ve been able to reduce performance volatility while preserving our record of significant outperformance, says Butler. The aim of the fund is to outperform in up years and to preserve that outperformance in more turbulent times. We have managed to outperform in all of the last five major corrections. We attribute that to the strength of the combination of model and manager. The Batterymarch team believes very strongly that investing in Asian equities should be a long-term decision. The fundamentals warrant an asset allocation to the region, says Butler. Although Asian economies are gradually becoming less reliant on developed economies, the export component is still extremely important; talk of the region decoupling is premature. It seems clear the economic problems causing the current market turbulence are firmly seated in developed economies, particularly the US, so we should be seeking our guidance from there in the short term, says Butler In the longer-term, however, he fully expects Asia to continue its growth. Asia is now flush. It s putting funds to work in domestic economies. In the past, problems typically started in emerging markets, but that is no longer the case. It s a strong sign from the investment community globally that they understand where the problem is. It s a very significant development, Butler concludes. Batterymarch Financial Management is a wholly owned subsidiary of Legg Mason, Inc.

17 For the latest factsheets on all managers featured in the Top 100, visit uu Top Citywire Top 100 Fund Managers of the Year Harry Nimmo TOP 100 UK SMALLER COMPANIES Standard Life Investments UK Smaller Companies Standard Life Investments Standard Life s UK smaller companies expert Harry Nimmo refuses to follow consensus opinion and takes a contrarian tack to seek out profitable situations the market may have missed. Another strong feature of his style is the emphasis he places on research. He realises smaller companies require thorough examination and draws on a team of three investment directors to crosscheck businesses in the sector. The team is supported by Standard Life s own analytic software, which is used to identify companies for further research, with an emphasis on quality and value measures. The matrix system is also used to monitor the portfolio and identify stocks to sell. Born in Edinburgh in 1957, Nimmo graduated from Dundee with an MA in geography and went on to complete an MBA in surveying at Edinburgh in He joined Standard Life shortly afterwards as an investment analyst for the UK equity funds team and became an investment manager for the group in Nimmo took the helm of the Standard Life UK Smaller Companies fund at launch in January 1997 and runs a portfolio comprising 50 to 60 stocks. He has 22 years investment experience, 17 of which are in UK equities. He manages more than 1.4 billion. Over the 11 years he has spent at the helm of the UK Smaller Companies fund he has returned 434% against a sector average of 188%. He is supported by co-manager analysts Keith Muir and Ken Nicholson, who have been on the team since 2001, and Caspar Trenchard who joined in 2007.

18 18 Top 10 2 David Clark ResolutionAsset Smaller Companies Resolution Asset Management Born in Glasgow in 1965, David Clark graduated from his home town university with a degree in accountancy and also holds an MSc in investment analysis from Stirling University. A fund manager for more than 20 R05261_SC_140x420 25/2/08 12:07 Page 1 years, Clark began his career with six years at Scottish Mutual before joining Resolution Asset Management in During his career Clark has built up experience of several sectors, and his coverage extends to such areas as oil and gas producers, oil equipment companies and healthcare equipment and services firms. He has also covered food and drug retailers. At Resolution he is currently responsible for the 106 million Resolution-Asset UK Smaller Companies unit trust and describes the investment approach for this fund as being growth orientated. Risk management is described as key to his investment style and the fund holds between 65 and 90 stocks in order to spread risk, with no more than 3% of assets held within any one stock. Clark runs the fund using a bottom-up investment approach to select holdings and it is a vital feature of the success of the portfolio, with a back room team ensuring an in-depth assessment of companies is undertaken. He invests at least 70% of the fund in smaller companies, principally within the FTSE SmallCap Index, where he attempts to cherry-pick the stocks showing the most significant growth potential, while he will also have exposure to AIM and Fledgling Companies % OVER 3 YEARS!* A NEW HERO EMERGES IN UK SMALLER COMPANIES! SMALLER COMPANIES FUND Our awesome Citywire A manager David Clark is flying high. The fund is top decile over three years, returning 46.15%. There are eight powerful boutique teams within Resolution Investments, together with four joint ventures united under the banner of Resolution Asset Management. To find out more about this heroic performance, visit This advertisement is intended for investment professionals only and should not be relied upon by Retail Clients. Past performance is not a guide Issued by Resolution Investment Services Ltd trading as Resolution Asset Management. Authorised and regulated by the Financial Services Authority.

19 For the latest factsheets on all managers featured in the Top 100, visit uu Top Georgina Brittain JPM UK Smaller Companies JP Morgan Asset Management Georgina Brittain has been a consistent performer in the UK small-cap universe on both open-ended and closed-ended funds. Brittain s key fund at JP Morgan Asset Management is the 259 million JPM UK Smaller Companies unit trust, which until recently she ran alongside Mark Davids. Brittain also manages the Fleming Smaller Companies investment trust. Brittain is widely viewed as a small-cap expert and runs smaller company components for a number of other funds. She is known for her bottom-up stockpicking investment style, with an emphasis towards value and earnings momentum. She cites veteran investor Nils Taube as the person she most admires in the fund management industry. Before taking her place in fund management Brittain formerly trained as a barrister, where she duly did her pupilage and focused on commercial and chancery law, before deciding after three years she would rather work on the commercial than the legal side of business. Brittain plays down her success as a stockpicker and tells Citywire she relies heavily on JP Morgan s quantitive screening process to unearth the stocks she chooses for the fund. The screen draws on behavioural finance techniques to help her avoid having her decisions compromised by personal feelings, citing the example of managers who are reluctant to buy stocks that have already had a good run because they are bitter about missing the opportunity. to the future. The value of investments can fall or rise and is not guaranteed. *Source: Lipper, bid to bid, net income reinvested from 31/01/05 to 31/01/2008.

20 20 Top 10 4 Daniel Nickols Old Mutual UK Select Smaller Companies Old Mutual Asset Managers Born in Ilkeston, Derbyshire, in 1969, Daniel Nickols studied modern and medieval languages at Cambridge University before starting his career at Deloitte Touche in He switched to Morgan Stanley s European equities division in 1994 and moved to Albert E Sharp as a specialist salesman a year later. Nickols got his first TOP taste 100 of GLOBAL fund management EMERGING MARKETS when he began working on the Albert E Sharp Smaller Companies fund in He was appointed fund manager at Gerrard in 1999, taking charge of the Gerrard UK Smaller Companies fund. He subsequently joined Old Mutual Asset Managers in December 2001 in the wake of the integration of Gerrard Investment funds. He is credited with an unusually broad investment approach, refusing to be pigeonholed as a growth or value manager, and despite being fundamentally a stockpicker, pays careful attention to the macro picture. Schooled by Old Mutual s mid-cap specialist Ashton Bradbury, Nickols has taken on board much of his mentor s style, including his willingness to switch between approaches in different market conditions. He now manages the Old Mutual UK Select Smaller Companies fund. He has three young sons and likes to unwind with his family. He is a lifelong fan of Derby County Football Club. 8 TOP 100 ASIA PACIFIC EX JAPAN 5= Curtis Butler Manager TOP 100 rating GLOBAL GROWTH Legg Mason Asia Pacific fund Legg Mason TOP 100 EUROPE EXCLUDING UK Curtis FUND Butler MANAGER is something OF THE of YEAR an emerging 2008 markets guru, having worked covering the sector since he entered the world of asset management more than 14 years ago. Born in Vestal, New York state, in 1968, Curtis attended Union College in New York before heading to the Nitze School of Advanced International Studies, at John Hopkins University in Washington DC. He studied international relations, economics and modern languages at University, before beginning his investment career in 1994 at Lazard. While there, Butler headed up research for the emerging markets desk between 1994 and He then enjoyed brief stints at Chase Manhattan and Deutsche Asset Management before he moved to his current home at Batterymarch Financial Management. At Batterymarch he works alongside a core team of professionals within the emerging markets desk, including co-manager of the Legg Mason Asia Pacific fund, Ray Prasad. The team have an average of 11 years investment experience between them managing a range of portfolios for various third parties. Butler adopts a core growth strategy throughout the management of the $153.1 million ( 78.1 million) Asia Pacific fund. He uses a unique synthesis of quantitative and fundamental investment disciplines, employing a bottom-up strategy incorporating rigorous stock selection, effective risk controls and cost-efficient trading to run money. Industrial and financial stocks in South Korea (26.0%), Hong Kong (19.6%) and India (13.6%) are the fund s favoured hunting grounds, with holdings including China Mobile, Industrial & Commercial Bank of China and Samsung Electronics among his top 10. TOP 100 UK EQUITY INCOME

21 ENLIGHTENED INVESTING IN ASIA LEGG MASON ASIA PACIFIC FUND 1ST QUARTILE 1ST QUARTILE 1ST QUARTILE 1ST QUARTILE S&P RATING 1 Year 2 Years 3 Years Since Launch Legg Mason believes that taking a calm, enlightened approach to investing in Asia can yield significant benefits. Especially in today s volatile market conditions. Batterymarch s process combines cutting-edge quantitative tools with the best elements of fundamental research. This enables them to look beyond short-term market noise and be more rational when weighing up opportunities in the Asian equity markets. This enlightened approach has yielded consistent first quartile performance, earning the Batterymarch team Citywire s Fund Manager of the Year 2008 award for the Asia Pacific ex Japan sector. Batterymarch Financial Management is a wholly owned investment subsidiary of Legg Mason, Inc. and manages the Legg Mason Asia Pacific Fund. Client Service Desk: All information as of 31/12/07. Citywire award based on Citywire s bespoke sector manager ratio, which uses risk-adjusted performance against benchmark 31/12/04-31/12/07. The Legg Mason Asia Pacific Fund was launched on 16/02/04 and is a sub-fund of Legg Mason Funds ICVC, an umbrella fund established as an investment company with variable capital, and is authorised in the UK by the Financial Services Authority as an undertaking for collective investment in transferable securities. This Fund may invest in emerging markets that may be less liquid and may have less reliable custody arrangements than mature markets and may involve a higher degree of risk. This information is for use by Professional Clients and Eligible Counterparties. It is not aimed at, or for use by, Retail Clients. Source for performance figures: Morningstar, NAV to NAV with net income reinvested without initial charges but reflecting annual management fees, based in pounds sterling for class A shares. Copyright 2007, Morningstar, Inc. All Rights Reserved. For more information, visit Issued and approved by Legg Mason Investments (Europe) Limited, registered office 75 King William Street, London, EC4N 7BE. Registered in England and Wales, Company No Authorised and regulated by the Financial Services Authority. For further information, contact the client service desk on Past performance is no guide to future returns and may not be repeated. This is directed at asset managers, fund distributors and authorised intermediaries. Not for use by private individuals.

22 22 TOP GLOBAL EMERGING MARKETS Top Ray Prasad has produced impressive outperformance on the Legg TOP 100 ASIA PACIFIC EX JAPAN Mason Asia Pacific fund in 2007, alongside co-manager Curtis Butler. The pair returned 47.1% in the year to 31 December 2007 against Manager the benchmark MSCI Asia Pacific excludtop 100rating GLOBAL GROWTH ing Japan return of 34.9% from their Boston based specialist emerging markets Legg Mason Asia Pacific fund investment house Batterymarch Financial Management. Batterymarch currently runs about $150 million ( 77 million) of Legg Mason Asian equities for investors. Prasad has been with Batterymarch for 3242 M 140x420-DP 25/2/08 4:03 pm Page 1 the whole of his investment career and 08 5= Ray Prasad TOP 100 EUROPE EXCLUDING UK joined the group in 1996 as an investment analyst specialising in emerging markets. He was promoted to the role of portfolio manager in 2000 and became a senior investment manager. The Asia Pacific team have more than 10 years of investment experience between them managing a range of portfolios for various third parties. Prasad was born in India in 1967, and took a degree in mathematics at Delhi University. He went on to take an MBA at Calcutta University. Prasad, along with Butler and team head David Lazenby, adopt a core growth strategy for the fund, which was launched in September 2006, with all three sharing responsibility for South East Asian equities on a country-by-country basis. Apart from his ability to pick index beating stocks, Prasad is also known as a shrewd chess player and is a keen footballer. TOP 100 UK EQUITY INCOME This is the dawning of the age of AEGON Asset Management. In a crowded market, with a large number of players claiming to be the best home for your clients money, how many choices do you have? Are you overlooking a fund manager who could help provide better, different or smarter choices? At AEGON Asset Management we believe that a free thinking approach to investment management is required. When it comes to important decisions about, say, stock selection or putting portfolios together, we give our fund managers a little bit more breathing space to perform. You see, we don t believe investment decisions should be constrained by excess process or dogma. Instead, we believe in a considered approach where it pays to view things from different angles. This communication is directed only at investment professionals, and should not be distributed to, or relied upon by private investors. AEGON Asset Management includes AEGON Asset Management UK plc (No ) and AEGON Investment Management UK ltd (No ). Both are registered in Scotland and have their Registered Offices at AEGON House, Edinburgh Park, Edinburgh EH12 9SA. AEGON Asset Management UK plc is authorised and regulated by the Financial Services Authority.

23 23 For the latest factsheets on all managers featured in the Top 100, visit uu 7 Guy de Blonay New Star Global Financials New Star Asset Management New Star founder John Duffield is famous for being able to spot talent early but when it came to his Global Financials fund manager Guy de Blonay he really outdid himself. De Blonay says he was a mere oneyear-old when he first met Duffield, who is a good friend of his father. There is no record of whether Duffield saw the sparks of fund management talent in the infant de Blonay s eyes on that first encounter. He employs a largely bottom-up approach for his New Star Global Financials fund and selects stocks based on his own research and analysis. To enter his portfolio all investments must demonstrate a robust business model, high quality management, a fair valuation and significant growth potential. De Blonay was born in Geneva, Switzerland in October 1970, to parents whose ancestral home is a 12th century Swiss castle equipped with its own railway station. He studied law at the University of Geneva and philosophy at the city s Institut Florimont before launching his career in He spent six years at Jupiter Asset Management before joining New Star So we look carefully at the different perspectives, changing patterns and trends. And give our fund managers licence to act on the power of our group thinking or their own ideas as required, to deliver the best performance for investors money. Our fund managers go with the flow when it s right to, but they are not fooled into jumping on bandwagons. We know this helps us to outperform. So in a crowded market, think free thinking performance. Think AEGON Asset Management. Find out more at aegonfreethinkers.com Top 10 in September He is a single figure golfer whose interests also include squash and history. Competitive, driven and renowned for his smooth manner with a residual European accent despite excellent English he fits the role of global financier well. Alongside the long-only Global Financials fund he also runs a hedge fund and in total manages around 308 million.

24 24 Top 10 8 Graham Birch Merrill Lynch Gold & General BlackRock Goldfinger Graham Birch is a manager who continues to go from strength-tostrength, generating outstanding returns for investors in his Merrill Lynch Gold & General unit trust Now in his ninth year in charge of the fund, having taken it over in November 1999, Birch has consistently outperformed his peers in the IMA Specialist sector. His investment approach encompasses top-down evaluations of the key drivers 9 Dan Hanbury River and Mercantile UK Equity Unconstrained, River and Mercantile UK Smaller Companies River & Mercantile Daniel Hanbury joined River & Mercantile in October 2006 to manage the fledgling boutique s UK Equity Smaller Companies fund alongside fellow new recruit Richard Staveley. A well respected and core member of the Investec UK equities team, Hanbury was tempted away by what he saw as the entrepreneurial spirit of the new firm. He graduated from Loughborough University in 1996 with a first class degree in mechanical engineering before of gold and precious metal prices, with detailed fundamental analysis and visits to companies. Birch invests in shares associated with joining Schroders, where he had spells on the firm s UK fund management desk and as an analyst in the company s pan-european capital goods team. Hanbury cemented his reputation at Investec as a high quality small-cap manager, running the Investec UK Smaller companies fund. At River & Mercantile, Hanbury launched the UK Equity Unconstrained fund last March, alongside his friend and co-manager Richard Staveley. Hanbury also heads the boutique s quantitative analysis. The latter fund was launched at the height of a bout of volatility and Hanbury s impressive risk averse instincts led him to zero weight banks and large-cap miners early on, ahead of many of his rivals. While initially the stance hurt him, the financial underweight paid dividends later on in the year as the bottom fell out of banking sector valuations, while key positioning into defensive growth stocks has seen Hanbury well placed to continue to outperform with further volatility likely on the horizon. gold worldwide, making the fund more risky than an exchange traded fund which merely tracks the price of gold. Although this makes the fund volatile, he counters this by taking a long-term view on gold. Under his stewardship, the fund has shifted its outlook away from mature markets to emerging regions, a decision which has most definitely paid off. He runs the fund with Evy Hambro and Richard Davis, all three of whom have analytical experience and geological backgrounds. Between them the team comprises gold, mining and energy specialists. Birch has been associated with precious metals since his university days when he graduated in mining geology from Imperial College, London. He then began his career proper as a stockbroker in 1984, before moving into fund management in As BlackRock Merrill Lynch s gold and mining expert, Birch also runs a number of other portfolios, including the Merrill Lynch World Mining investment trust.

25 For the latest factsheets on all managers featured in the Top 100, visit uu Top Allan Liu Fidelity South East Asia Fidelity International Allan Liu joined Fidelity in 1987 as an investment analyst in Hong Kong after a short stint as a business analysis officer at Chase Manhattan Bank. He rapidly rose to the positions of senior investment analyst in 1989 and portfolio manager in 1990 before a short stint in the company s Sydney office between 1996 and Liu was educated in Hong Kong, graduating with a BSC in social sciences from the University of Hong Kong in 1983 and is a chartered financial analyst. He is A-rated and is currently head of the Fidelity South East Asia fund. As a manager he says he works to a minimum two-year investment horizon and has a preference for medium and larger stocks. He places an emphasis on quality management, a global competitive edge, strong finances and positive cashflow and prefers bigger companies for their longer track records of corporate profit growth, management capability and trustworthiness. A bottom-up stockpicker, he is in close contact with Fidelity s 25-strong research team based in Asia and meets with his research analysts and other portfolio managers weekly. He runs a portfolio of between 160 and 180 stocks, diversified across country and market sectors and firmly believes that Asian markets are strong enough to beat any forthcoming economic slowdown. A combination of burgeoning domestic demand and intra-regional trade will be sufficient to support growth in the region over the long-term, regardless of the global economic outlook, he believes. THE TOP 15 Asia Pacific Excluding Japan FUND MANAGERS 31/12/06-31/12/07 Source: citywire.co.uk Sector Rating Name Rating Sector MR Contributing Fund Position in top 100 1= Curtis Butler A 1.82 Legg Mason Asia Pacific A 5= 1= Ray Prasad A 1.82 Legg Mason Asia Pacific A 5= 3 Allan Liu A 1.48 Fidelity South East Asia Acc 10 4 Vanessa Donegan A 1.17 Threadneedle Asia C Edward Pulling A 1.07 JPM Asia A Acc 22 6 Martin Lau A 0.96 First State Greater China Growth A 31 7 Gerald Smith 0.65 Baillie Gifford Pacific A Acc 63 8 Ben Lloyd 0.62 Baillie Gifford Pacific A Acc 85 9 Henrietta Luk 0.59 Melchior Asian Opportunities GBP B 90 10= Richard Evans 0.58 Martin Currie Asia Pacific A 95= 10= Jason McCay 0.58 Martin Currie Asia Pacific A 95= 12 Diamond Lee 0.47 ResolutionAsset Pacific Growth Acc 13 Angus Tulloch 0.18 First State Asia Pacific A 0.18 First State Asia Pacific Leaders A 0.18 First State Asia Pacific Sustainability A 14 Harvey Hammonds 0.04 Baillie Gifford Developed Asia Pacific A Acc 15 Ronald Chan 0.01 Allianz RCM Total Return Asian Equity

26 26 Sector Leaders The following eight managers have performed the impressive feat of topping their individual IMA sectors as well as making it into the Top TOP 100 GLOBAL EMERGING MARKETS TOP 100 UK ALL COMPANIES 13 Stephen Adams TOP 100 ASIA PACIFIC EX JAPAN TOP 100 ACTIVE MANAGED Manager FUND MANAGER rating OF THE YEAR 2008 Aegon UK Equity TOP 100 GLOBAL GROWTH Aegon TOP 100 BALANCED MANAGED TOP 100 EUROPE EXCLUDING UK TOP 100 UK CORPORATE BOND 14 John Baker Manager TOP 100 rating UK EQUITY INCOME JPM TOP Europe 100 SPECIALIST Dynamic ex-uk, JPM Europe JP Morgan Asset Management Stephen Adams was born in 1962 in Edinburgh, Scotland. He attended the University of Edinburgh and went on to gain a degree in law. TOP 100 NORTH AMERICA Born in 1972 in Cork, Ireland, John Baker obtained a BA in modern languages and business studies from University College, Cork. He joined JP Morgan in 1994 as an investment administrator and went on to become portfolio manager from 1995 to He is currently vice-president and In 1987 he became an investment manager at Abbey National Asset Managers and was responsible for institutional funds and UK unit trusts. In 2000, Adams joined TOP 100 Aegon GLOBAL and in EMERGING MARKET March 2004 he took control of the group s million UK Equity Growth fund. He attributes the fund s success to his more than 20 years experience in the investment industry. The fund typically holds 75 stocks at any one time and among the fund s current top 10 holdings are blue-chip TOP 100 ASIA PACIFIC EX JAPAN companies Vodafone FUND at 7.2%, MANAGER British OF THE YEAR 2008 American Tobacco at 3.3% and Glaxo- SmithKline at 2.2%. Adams is a member of the UK Society of Investment Professionals and is a qualified solicitor. He enjoys football and rugby as a means to relax when he is not working. TOP 100 GLOBAL GROWTH portfolio manager within the European equity group high alpha team. His investment strategy is bottom-up, best of value. TOP 100 EUROPE EXCLUDING UK FUND The MANAGER fund is OF THE YEAR 2008 unconstrained by benchmark, country, size or sector, with absolute rather than relative risk controls. An active approach to stock-picking, TOP rigorous 100 UK fundamental analysis and a desire FUND to MANAGER exploit inef- OF THE YEAR EQUITY INCOME 2008 ficiencies in the European stockmarkets combine to focus on contrarian value and underecognised growth opportunities. Baker enjoys horseracing as means of relaxing when he is not working.

27 If your clients want any old returns,use any old fund manager.

28 TOP 100 GLOBAL GROWTH 8 28 Sector Leaders TOP 100 EUROPE EXCLUDING UK TOP 100 UK EQUITY INCOME 32 Neil Woodford TOP 100 GLOBAL EMERGING MARKETS Invesco Perpetual Distribution, Invesco Perpetual Income, St James s Place UK High Income, Invesco Perpetual High Income, Invesco Perpetual Monthly Income Plus Invesco Perpetual Neil Woodford TOP 100 remains ASIA PACIFIC one of the EX most JAPAN As head of investments at Invesco Perpetual, Woodford controls over 15 billion well known and best-performing fund managers in the UK market today. of assets. His key funds are the Invesco His large bets in the more defensive Perpetual High Income fund and the tobacco and utilities sectors, coupled with Invesco Perpetual Income fund. his dislike for the banking sector, cost him He also looks after the equity element during the stockmarket s rally in the spring of the Invesco Perpetual Distribution fund of that was launched in January However, Woodford characteristically Stocks favoured by Woodford include, TOP 100 GLOBAL GROWTH bounced FUND back, MANAGER in keeping OF with THE his YEAR emphasis on investing for the long term, regard- Kline at 4.98%, Imperial Tobacco at 4.17% 2008 Reynolds American at 5.21%, GlaxoSmithless of short-term sentiment. and British American Tobacco at 4.11%. TOP 100 NORTH AMERICA TOP 100 EUROPE EXCLUDING UK 38 Tom Walker TOP 100 UK EQUITY INCOME Martin Currie North America, Martin Currie North American Alpha Martin Currie Born in Johnstone, Scotland, Tom Walker studied law at Cambridge University and accounting at Edinburgh s Heriot-Watt University before embarking upon a career in finance. His first investment management role came with Edinburgh Fund Managers in 1987, just in time for him to witness the market crash of Black Monday. Walker enjoyed six years with the group before moving to Hong Kong to join Baring Asset Management. Walker made the switch to Martin Currie Investment Management in 1996 and is presently a director and head of charities at the group. Funds under his management include the Martin Currie North America fund and the North American Alpha fund. Away from the office Walker enjoys singing anything from Gilbert and Sullivan to Verdi in what he describes as a strangled tenor.

29 The Monthly Income Plus Fund. A mixture of bonds and equities. For sensible people with a daring streak and vice versa. Life. It s all about balance. That s where our Monthly Income Plus Fund steps in. It offers your clients the best of both worlds: exposure to an expertly managed mix of equities and bonds. The fund aims to generate a strong level of income, together with the opportunity for long-term capital growth, with up to 20% invested in the UK stock market. It holds a selection of assets that are not correlated, so their performance can go up or down at different times, diversifying risk within the portfolio. Reward. It doesn t have to equal chewed nails. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. The Monthly Income Plus Fund has a significant proportion of high-yielding bonds, which means that there is more risk to investors capital and income than from a fund investing in government or investment-grade bonds. Income from the investment will fluctuate and is not guaranteed invescoperpetual.co.uk Percentage Growth 1 year 3 years 5 years Monthly Income Plus Fund 1.4% 21.4% 83.0% IMA Sector: UK Other Bond -1.2% 9.5% 42.5% Quartile rank This advertisement is for Professional Clients only and is not for consumer use. Fund performance figures are calculated on a mid price basis, inclusive of net reinvested income, gross of initial (sales) charge in sterling as at 31st December Source: Lipper. Standard & Poor's Fund Management Rating as at 31st December S&P Fund Ratings, Copyright 2007 The McGraw-Hill Companies, Limited trading as Standard & Poor s. All rights reserved. OBSR and Citywire Ratings are correct as at 31st December Telephone calls may be recorded. Where Invesco Perpetual has expressed views and opinions, these may change. Please refer to the latest Full Prospectus and Simplified Prospectus for more information on the fund. Invesco Perpetual is a business name of Invesco Fund Managers Limited. Authorised and regulated by the Financial Services Authority.

30 TOP 100 UK ALL COMPANIES TOP 100 GLOBAL EMERGING MARKETS 30 TOP 100 ACTIVE MANAGED Sector Leaders TOP 100 ASIA PACIFIC EX JAPAN TOP 100 UK ALL COMPANIES TOP 100 GLOBAL EMERGING MARKET FUND MANAGER OF THE YEAR 200 TOP 100 BALANCED MANAGED TOP 100 GLOBAL GROWTH 47 Robin Geffen TOP 100 ACTIVE MANAGED TOP 100 ASIA PACIFIC EX JAPAN FUND MANAGER OF THE YEAR 200 TOP 100 UK CORPORATE BOND Manager FUND MANAGER rating OF THE YEAR 2008 TOP 100 NORTH AMERICA TOP 100 EUROPE EXCLUDING UK Neptune TOP 100 Global BALANCED Alpha, MANAGED Neptune China, Neptune FUND MANAGER Balanced, OF Neptune THE YEAR Global 2008Eq- uity, Neptune Russia & Greater Russia, Neptune Income, Neptune Quarterly Income TOP 100 SPECIALIST Neptune TOP 100 UK CORPORATE BOND TOP 100 GLOBAL GROWTH Born in London in 1957, Robin Geffen Equitable and was responsible FUND MANAGER for setting OF THE YEAR 200 graduated in politics, philosophy and up the group s pooled fund business and economics from Keble College, Oxford in was instrumental in establishing the UK s He began his career at Charterhouse first emerging market pension fund. J Rothschild as a graduate trainee where He founded Neptune TOP 100 Investment UK EQUITY INCOME he concentrated on UK smaller companies Management in 2002 FUND where MANAGER he is responsible OF THE YEAR 2008 and European equities. for the management of several unit Geffen moved on to Eagle Star and trusts he created. Geffen follows a highly worked on its European TOP 100 desk NORTH before AMERICA being personalised investment TOP style 100 that EUROPE is based EXCLUDING UK appointed head FUND of the MANAGER Asia Pacific OF team. THE YEAR on 2008 his view of the economy FUND MANAGER as being sector OF THE YEAR 200 Geffen moved to Scottish driven. TOP 100 SPECIALIST 55= Simon Shaw Elite EEA UK Financials, Elite EEA UK Equity EEA EEA Fund Management was founded in August 2003 by current managing director Simon Shaw to manage UK equity portfolios and energy and environmental assets. TOP 100 UK EQUITY INCOME Alongside co-manager FUND Jonathan MANAGER Fieldsend, OF THE YEAR 200 Shaw is responsible for the EEA UK Financials fund, the largest of the group s funds. It specialises in investing in those companies whose activities are predominantly associated with the financial services sector, while the EEA UK Equity fund invests in a broad spectrum of equities quoted on the London Stock Exchange, wherever the fund managers find companies offering value. Shaw also runs the EEA Select Opportunities hedge fund. After gaining an honours degree in mathematics and statistics from the University of London s Queen Mary College, Shaw joined Equity and Law s investment department in He joined the Merchant Navy Officers Pension Fund six years later and was duly snapped up by Clerical Medical in 1992.

31 WORLD DOMINATION? Neptune s global funds are all at the top of their sectors Neptune has established a long-term track record for managing global equities. Our investment process, at the heart of our business, is founded on global sector analysis and macroeconomic research across the globe. The purest output from this research process is fully adopted by our global funds and has enabled them to dominate within their respective sectors. Whether it is for our flagship Global Equity Fund, the more concentrated Global Alpha Fund, or the less aggressive Balanced Fund, we run high conviction global portfolios aiming for sector outperformance. And that is exactly what we have delivered year after year, as you can see from the table below. So whatever your clients are looking for, there is bound to be a Neptune fund to suit their global equity investment needs. For a world class global fund, contact Patrick Berton on or [email protected]. For security purposes, calls may be recorded and monitored. Neptune global funds position in sector Fund Sector 1 year 3 years 5 years Since launch* Neptune Balanced Balanced Managed 2 / / / 84 1 / 51 Neptune Global Equity Global Growth 3 / / / / 133 Neptune Global Alpha Active Managed 3 / 98 1 / 87 1 / 66 1 / 55 Source: Lipper Hindsight, no initial charge, net income reinvested to 31/01/08. *Launch dates: 31/12/98, 31/12/01 and 31/12/01 All three funds are rated by OBSR Make space for our performance This advertisement is for Professional and Eligible Counterparties only and should not be relied upon by Retail Clients. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. These are the analyst s personal recommendations and as such this document is deemed to be impartial research. Issued by Neptune Investment Management Limited, 1 Hammersmith Grove, London W6 0NB. Authorised and regulated by the Financial Services Authority.

32 Why change the Citywire website when it s been consistently voted the best of its kind? > Go to page 46...

33 TOP 100 BALANCED MANAGED TOP 100 GLOBAL GROWTH FUND MANAGER OF THE YEAR 200 For the latest factsheets on all managers featured in the Top 100, visit uu TOP 100 UK CORPORATE BOND TOP 100 NORTH AMERICA 33 Sector Leaders TOP 100 EUROPE EXCLUDING UK FUND MANAGER OF THE YEAR 200 TOP 100 SPECIALIST TOP 100 UK EQUITY INCOME FUND MANAGER OF THE YEAR = Jonathan Fieldsend Elite EEA UK Financials, Elite EEA UK Equity EEA Born in 1969 in York, Jonathan Fieldsend s affinity to his birthplace was so strong that he elected to remain in the city and pursue his economics degree there as well. He trained as an accountant with Eastern Electricity before moving to Clerical Medical as an investment analyst in Currently managing the Elite EEA UK Financials and Elite EEA UK Equity, he has described his investment style as mixed. Driven by his passion to outperform his rivals, Fieldsend utilises his broad stockpicking skills to help him succeed. A member of the Business and Personal Accountancy Services and the UK Society of Investment Professionals, Fieldsend finds time to enjoy himself outside of the world of fund management by playing table tennis, cycling and walking. TOP 100 GLOBAL EMERGING MARKETS 63 Gerald Smith TOP 100 ASIA PACIFIC EX JAPAN Manager FUND MANAGER rating OF THE YEAR 2008 Baillie Gifford Pacific, Baillie Gifford Emerging Markets Growth Baillie Gifford TOP 100 GLOBAL GROWTH Father of Value Benjamin Graham is the perfect role model for Gerald Smith, whose bottom-up investment style is in tune with Graham s ability to smoke out undervalued companies and wait patiently for their price to rise. Born in Essex in 1962, Smith has been a fund manager for more than 20 years. He joined Baillie Gifford in 1987 and by 1995 he became head of the Asia- Pacific investment team. In April 2001 he was appointed head of the Emerging Markets department. Smith is responsible for three retail funds: the Baillie Gifford Pacific fund, the Baillie Gifford Emerging Markets Growth fund and the Baillie Gifford Developed Asia Pacific fund. China Infrastructure Machinery Holdings, Taiwan Semiconductor Manufacturing Co, Hong Kong Exchanges and Clearing top his Pacific fund s holdings. Smith s love of philosophy has taken him to the University of St Andrews, the University of California at Berkeley and Brasenose College, Oxford, to culminate in a BPhil in philosophy. 8 TOP 100 EUROPE EXCLUDING UK

34 34 11, 12, 13 Andrew 11 Crawford 12 Threadneedle Monthly Extra Income Threadneedle Paul Marriage Cazenove UK Smaller Companies Cazenove Paul Marriage does not confine himself to a particular investment style when stocking his portfolio for the Cazenove UK Smaller Companies fund. Instead, he concentrates on the business cycle and how companies earnings are affected during its different stages. The Fund will invest at least 80% of its assets in the UK-listed companies that form the bottom 10% by market capitalisation. Top holdings include QXL Ricardo at 3.3%, Pressure Technologies at 2.83% and a 4.9% cash weighting. Marriage joined Cazenove in 2005 and is a member of the pan-european equity team, having previously worked at Insight as head of UK small-cap investment with a value of 750 million. Prior to this, he was an analyst at GH Asset Management. He studied modern history at University College, Oxford before embarking upon his investment career. He is a member of ASIP and has nine years experience in investment management. Threadneedle s Monthly Extra Income fund manager Andrew Crawford was recently replaced by newcomer Ketish Pothalingam. The Citywire A-rated star, who also ceased running the firm s European Corporate Bond fund in September last year, ran the portfolio for two years alongside Christopher White, before handing over responsibility in January. A spokesperson at Threadneedle confirmed Crawford was no longer in charge of the fund, but said he was still employed at the firm. His replacement, Pothalingam, joined Threadneedle in the second half of 2007 from Lehmann Brothers, taking responsibility for the fund alongside White. Over the 12 months to the end of December 2007 Crawford returned 5.16% compared to the UK Equity and Bond Income sector average of 1.34% In his previous role Pothalingam, who worked at Lehmann Brothers for three years, held the post of executive director of sterling credit trading. Prior to this he worked at HSBC. 13 Stephen Adams Top performer in the UK All Companies sector, see page 26 THE TOP 12 UK SMALLER COMPANIES FUND MANAGERS 31/12/06-31/12/07 Source: citywire.co.uk Sector Rating Name Rating Sector MR Contributing Fund 1 Harry Nimmo A 2.62 Standard Life Inv UK Smaller Comps Ret Acc 1 2 David Clark A 2.58 ResolutionAsset Smaller Companies Acc 2 3 Georgina Brittain A 2.46 JPM UK Smaller Companies A Acc 3 4 Daniel Nickols A 1.97 Old Mutual UK Select Smaller Companies Acc 4 5 Daniel Hanbury A 1.64 River and Mercantile UK Equity Smaller Cos A 9 6 Paul Marriage A 1.34 Cazenove UK Smaller Companies B Acc 12 7 Richard Smith A 0.98 Invesco Perpetual UK Smaller Comps Equity Acc 28 8= Rosemary Banyard A 0.88 Schroder UK Smaller Companies Inc 45= 8= Andrew Brough 0.88 Schroder UK Smaller Companies Inc 45= 10 John Dodd 0.78 Artemis UK Smaller Companies Stuart Sharp 0.75 Rensburg UK Micro Cap Growth 62 Rensburg UK Smaller Companies 12 Simon Knott 0.71 Discretionary Unit 69 Position in Top 100

35 For the latest factsheets on all managers featured in the Top 100, visit uu 35 14, 15, John Baker Top performer in the Europe ex UK sector, see page Ian Smart 15 Christopher White Threadneedle Pan European, Threadneedle UK Growth & Income, Threadneedle Monthly Extra Income, Threadneedle Managed Income Threadneedle Christopher White is a man of few words and describes his approach to managing assets for Threadneedle as simply pragmatic. He runs a range of funds for Threadneedle, including the Managed Income and Monthly Extra Income funds. Born in Birmingham in 1965, White graduated in economics from Swansea University and is a member of the Securities Institute and the CFA. White started his career with Robson Rhodes and has also worked for Charterhouse Tilney. He was at Legg Mason prior to joining Threadneedle and has been a fund manager for 12 years. The fund manager White most admires is Fidelity s recently-departed Special Situations manager Anthony Bolton. THE TOP 12 Europe ExCLUIDING UK FUND MANAGERS 31/12/06-31/12/07 Source: citywire.co.uk Sector Rating Name Rating Sector MR Contributing Fund 1 John Baker A 1.24 JPM Europe A Acc 14 JPM Europe Dynamic ex-uk A Acc 2 Rob Burnett 0.83 Neptune European Opportunities A Acc 3 James Buckley 0.77 Baring European Growth 4 Jonathan Ingram 0.69 JPM Europe A Acc JPM Europe Dynamic ex-uk A Acc 5 Barry Norris 0.62 ResolutionAsset Argonaut Euro Alpha A Acc 6= Roger Guy A 0.42 Gartmore European Selected Opportunities Acc 6= Guillaume Rambourg A 0.42 Gartmore European Selected Opportunities Acc 8= Kathryn Lilley A 0.40 Liverpool Victoria Euro Ex-UK Growth Retail 8= Achim Wagner A 0.40 Liverpool Victoria Euro Ex-UK Growth Retail 10 Colin Stone A 0.39 Fidelity European Opportunities 11 Leon Howard-Spink A 0.24 Schroder European Alpha Plus Acc 12= Peter Saacke 0.23 Artemis European Growth 12= Philip Wolstencroft A 0.23 Artemis European Growth Position in Top 100 Lazard Managed Balanced Lazard Ian Smart was born in Cardiff in 1962 and studied economics and geography at his local university, graduating with a BA (Hons) degree. His fund management career began in 1988 with Cheval Investments and took in spells with TSB Trust Company and Invesco Asset Management before joining Lazard Asset Management in He describes his fixed income investment philosophy on the 33.2 million Lazard Managed Balanced fund as being driven by fundamental analysis, through both top-down and bottom-up investment opportunities. Vodafone, Rio Tinto and Royal Dutch Shell are among the funds top holdings, which aims to achieve capital growth whilst maintaining a reasonable yield through diversified investments largely in equity markets, with a bias towards UK and international equities. Outside of the office, Smart has a diverse range of interests, taking in triathalon, contemporary art and Italian sports cars.

36 SPONSORED STATEMENT Market turmoil creates opportunities for contrarian Douglas Two factors give the Norwich UK Focus Fund the edge over its rivals Mervyn Douglas, manager of the Norwich UK Focus Fund, believes there are two key factors which make the fund different from its peers. First is the structure the portfolio contains 25 stocks equally weighted at 4%. This is a pure form of investment that appeals to investors, says Douglas. It s how money was managed prior to the index hugging mentality that was built up in the 1990s. Second is Douglas investment philosophy. There are three main elements: valuation; being a contrarian; and a focused approach. Valuation is the most important criteria in any investment decision, he says. A good understanding of risk/reward is important. Douglas performs a lot of work on understanding the overall risk/reward profile of a business. I m prepared to take on higher risk, but you want to pay the right price. I m pretty strict on valuation criteria I have price targets and return thresholds and will be ruthless in selling even if momentum is strong. He cites Standard Chartered as an example. It s a great franchise, but I sold it towards the end of last year as the risk/reward had become unattractive. I simply couldn t see double-digit returns. Stocks in the portfolio are broadly split into two categories; undervalued growth and special situations. On undervalued growth stocks, such as Standard Chartered or Bunzl, Douglas sets a 12% return threshold from earnings growth, dividend yield and a view on the rating. Special situations are typically management-led turnarounds where it is much easier to have an absolute price target. Douglas sees himself very much as a contrarian. I m trying to think differently. Momentum doesn t play a part in my process. I m looking at the valuation of shares from the bottom-up. For example CONSISTENT PERFORMANCE FROM DOUGLAS Total Returns (%) Jan-05 Norwich UK Focus SC 1 (MF) Jan-06 Source: Lipper IMA UK All Companies (IN) Jan-07 Jan-08 Douglas: has an intimate knowledge of every stock the Norwich UK Focus Fund holds I think mining shares are fundamentally overvalued. Returns have peaked and cashflow generation has fallen markedly. I focus very closely on company results, and being a contrarian I m prepared to sell things where they have strong momentum. Adopting a focused approach enables Douglas to have an intimate knowledge of every stock in the portfolio. The fund, as a mix of undervalued growth and special situations, doesn t tend to have a strong style bias, he says. In early 2007 the portfolio had around 44% in special situations, but given the current economic backdrop it is much more challenging to turn round businesses, hence this proportion has been reduced to 28%. This reflects the view that the economic environment is more difficult. I want better quality earnings and better quality balance sheets. Despite being a stock-picker, Douglas says there are certain points where one must have a clear macro view. I am cautious with regard to global GDP and remain sceptical of the decoupling argument of emerging markets and the rest of the world. I also think the financial crisis will take much longer to resolve than the consensus believes, which leads to an adjustment of earnings expectations. As a result of these views, the fund is underweight banks and has a zero weighting to mining. The severity of share price falls is beginning to unearth some potential. We re getting much more optimistic now about finding value. I don t yet think it s the right time, however, to be laying the performance of the fund on a strong view of the top-down outcome. Managing risk is also very important for Douglas. There s a focus on valuation; having a real understanding of the downside risk and a sense of what businesses are worth. He conducts a great deal of risk analysis, identifying top-down risks. This helps you first to know about them, but also to decide whether you want them and to try to limit stock specific risk. Douglas aims to outperform whatever the prevailing market conditions, although he concedes that this can be difficult in a narrowly led momentum market. This structure is proof that performance can be generated over a long period in different market conditions. Investors will hopefully put a higher P/E on those fund managers that can do this.

37 For Financial Adviser use only. Not approved for use with customers. Our UK Equity managers are already putting in a polished performance. Norwich UK Focus and UK Equity funds. 1st Quartile * A robust team of highly respected and rated managers. Improved performance throughout our range. Investing with conviction and a contrarian approach the hallmark of our philosophy. It s now easier to recommend Norwich Union for UK equity investments. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up and is not guaranteed. Call us today on ** or visit Source Morley as at 25 February *Source Lipper Hindsight, bid to bid, net income reinvested 30 June 2006 to 31 December **Telephone calls may be recorded for training and monitoring purposes. CI /2008

38 38 17, 18= 17 Vanessa Donegan 18= Guy Monson Sarasin EquiSar Global Thematic Sarasin Threadneedle Asia Threadneedle After she obtained an MA in classics from Oxford University, Vanessa Donegan began her fund manager career in 1981 as an analyst for Grieveson Grant. She joined Allied Dunbar in 1986, working as a fund manager before gaining promotion to director at the firm. In 1994 Donegan joined Threadneedle, where she is currently executive director and head of the Asia excluding Japan team. She is the portfolio manager of the million Threadneedle Asia fund and her investment strategy focuses on a thematic and Garp (growth at reasonable price) approach. The fund holds a 20.3% weighting to China, with 17.6% in Hong Kong and 16% in Australia. China Mobile, Rio Tinto and BHP Billiton are among her top 10 stocks. She is a member of the Securities Institute. Chief investment officer of the Bank Sarasin since 1997 and a partner of Bank Sarasin since 2001, Guy Monson has played a major role in developing the group s London-based subsidiary, Sarasin Investment Management. Monson founded and is a senior fund manager of the EquiSar Global Thematic funds and is also a senior fund manager on the GlobalSar family of balanced funds. He also manages a range of institutional global thematic equity and global balanced mandates in various regulatory jurisdictions. He had previously taken responsibility for strategy and multi-asset portfolio management for Sarasin Private Banking s high net-worth discretionary clients. Educated at Eton College and Oxford University, Monson counts classical music, economic history and country pursuits among his hobbies 18= Harry Talbot Rice Sarasin EquiSar Global Thematic Sarasin Harry Talbot Rice s responsibilities as a senior investment manager at Sarasin Investment Management include co-managing the $224 million ( 112 million) Sarasin Equisar Global Thematic funds alongside Bank Sarasin chief investment officer Guy Monson. Talbot Rice also works with Monson on nine institutional global thematic mandates and has analytical responsibilities for some specialist emerging markets sectors including Russia, Africa, the Far East and South America. Among the Sarasin EquiSar Global Thematic fund s top 10 holdings are GlaxoSmith- Kline, Occidental Petroleum and General Electric Born in London in January 1975 and educated at Eton College, Talbot Rice counts farming, racket sports and country pursuits among his interests.

39 Sarasin & Partners - bringing you tomorrow s funds today S arasin & Partners has been managing investment portfolios from a thematic perspective for over ten years. Our most established thematic fund is called Equisar and it has developed an excellent track record since its inception in We are delighted that Equisar s success has been recognised by Citywire, who has awarded its two fund managers their highest A accolade. We have further refined our thematic process with the introduction of EquiSar IIID in May EquiSar s thematic approach still sits at the core of this fund but we are also utilising the additional investment powers available under UCITS III, with a view towards producing superior risk-adjusted returns. We believe Sarasin EquiSar IIID represents the future for the industry, in much the same way as EquiSar did back in Sarasin & Partners has always been at the cutting edge of change and remains committed to offering its clients tomorrow s funds today. EquiSar* - Quartile Ranking 1 year 3years 5years Inception *Sarasin CI EquiSar Sterling Global Thematic Fund, as at ** Source & Copyright: CITYWIRE. Guy Monson & Harry Talbot-Rice are A rated by Citywire for their 3 year risk adjusted performance for the last three years up to the end of last month. ** Sarasin & Partners LLP is authorised and regulated by the Financial Services Authority. Juxon House, St Paul s Churchyard, London EC4M 8BU

40 40 20, 21, David Jane 22 Edward Pulling M&G Managed, M&G Cautious Multi Asset M&G Investments David Jane joined M&G s global specialist equity team in December 2000 and was appointed head of M&G equity investment team in September Jane currently runs the M&G Managed fund, an actively managed fund of funds, with an underlying portfolio that invests in equities and fixed interest securities through M&G collective investment schemes. He has over 17 years fund management experience and was head of global financials research at AXA Investment Management prior to joining M&G. He previously worked as director of global financials research at Newton Investment Management. A graduate of Keele University, Jane holds a degree in statistics and economics. 21 Ashton Bradbury Old Mutual UK Select Mid Cap Old Mutual Asset Managers Ashton Bradbury s working week is intense, with 12-hour days commonplace. He sees over 300 companies each year, which is a key feature of a business cycle investing style that embraces both growth and value stocks. Through these visits Bradbury assesses whether the business can grow faster than its market average over long periods, whether it is capable of delivering positive earnings surprises, or if there is a chance of it being re-rated. Born in 1966, Bradbury studied banking and finance at Loughborough University. He started out with Tilney stockbrokers in 1988 and had stints with Hill Samuel and HSBC before he joined Old Mutual Asset Managers in In 2002 he was promoted to head of UK mid and small-cap funds and is personally responsible for the Old Mutual UK Select Mid Cap fund. He also runs the Old Mutual UK Specialist hedge fund. JPM Asia JP Morgan Asset Management A graduate of Princeton University, Edward Pulling set off for Hong Kong to embark upon his financial career, joining WI Carr as a research assistant in After two years he transferred to their offices in Thailand, where he was promoted to research manager. He stayed with the company and subsequently relocated to their Singapore branch in 1993, becoming head of Asian emerging markets sales. A year later Pulling switched to Goldman Sachs and was appointed vicepresident of institutional sales. In 1995 he began to climb the rungs at JP Morgan to become a managing director and fund manager at their Pacific regional group in Hong Kong. Responsible for several institutional mandates, he also runs the JF Eastern and JPM Asia funds. Pulling relies on a bottom-up stock selection style with a subsequent Garp analysis.

41 For the latest factsheets on all managers featured in the Top 100, visit uu 23, 24, Nick Malcolm 23 Clay 24 Herring 25 Aidan Farrell Newton Managed BNY Mellon Asset Management Baring Portfolio Baring Asset Management Insight Investment Pan European, Insight Investment European Small Cap Insight Investment Nick Clay was born in 1969 in Bromley and he obtained a BA (Hons) in economics and philosophy from Leeds University. With 16 years experience as a fund manager, Clay is a member of the UK Society of Investment Professionals. He began his career in 1991 at Sun Alliance Investment Management, working as an investment analyst. In 1994 he joined Morley Fund Management and became head of UK equities life funds for six years. In 2000, Clay joined Newton Investment Management and is currently director of investment management specialist benchmarks and portfolio manager of the 1.44 billion Newton Managed fund and 1.2 billion Newton Income fund. Vodafone, Standard Charted and British American Tobacco are among his top 10 holdings. He lists golf, tennis, rugby and cinema among his interests outside of fund management. Malcolm Herring is seen in some quarters as a safe pair of hands in the balanced managed sector and his relatively cautious investment process has led to outperformance on a risk adjusted basis through Herring is a co-manager of the Baring Multi-Manager Targeted Risk funds and lead manages the Baring Portfolio fund. He is a one company man who joined Barings almost 20 years ago and now runs the 89 million Baring Portfolio. Herring joined Barings UK equity Research department after his graduation from the London School of Economics in 1979 where he gained a BSC in monetary economics. Within the team, Herring s specialisation has been in the financial and property sectors. He became a portfolio manager in 1981 and was appointed divisional director in Herring has also been involved in the management and marketing of charitable fund services for over 15 years. Aidan Farrell was born in 1970 in Dublin, Ireland. He obtained a BA in economics and a post-graduate diploma in business studies from University College, Dublin. Farrell has more than 10 years experience in the financial services industry. He began his career as investment services consultant at Irish Progressive Life Assurance Company and went on to join ED&F Man Investment Products as a financial analyst. He joined Insight Investments in 1997 as an overseas equity analyst and went on to become pan-european equity portfolio manager in Farrell is currently portfolio manager of the Insight Investment European Small Cap fund and Insight Investment Pan European fund. Financials and noncyclical consumer goods are his current sector of choice, with Adidas and Royal Dutch Shell among his favoured stocks. He is a member of the UK Society of Investment Professionals.

42 42 26, Thomas Dobell 27 Andrew Dalrymple S&W Aubrey Global Conviction Aubrey Capital M&G Recovery M&G Investments Thomas Dobell drew the long straw when star manager Neil Pegrum quit M&G in 2002 he was handed control of Pegrum s top performing M&G British Opportunities fund. Dobell adopts a bottom-up, stockpicking approach and targets companies with strong fundamental qualities that are out of favour due to temporary setbacks. He also favours firms that are perceived as dull but that own potentially exciting businesses. Dobell s ideal company is one which the market has rejected either because of operational or financial problems, but which he believes has the potential to turn itself around. During the holding period he aims to be a constructive shareholder, in constant contact with management on how to improve the company s performance. A graduate of Writtle, the agricultural college, Dobell crossed over to the City in 1987 when he joined Phillips & Drew s charity and small pension fund division. Andrew Dalrymple has the whole world at his feet. He began his investment career at Cazenove & Co in 1984 where he focused on Asian equities. He followed this with spells at James Capel & Co in the UK and James Capel (Asia) in Hong Kong. A six-year stint at SG Warburg as an institutional broker covering the Asian markets followed, before joining the Stewart Ivory Private Client department in He subsequently became a member of First State s global investment team and managed the Global Opportunities fund for seven years, from its inception in August Dalrymple founded Aubrey Capital Management in 2006, where he now runs the Smith & Williamson Aubrey Global Conviction fund. Dalrymple served in the British Army between 1981 and THE TOP 18 UK ALL COMPANIES FUND MANAGERS 31/12/06-31/12/07 Source: citywire.co.uk Sector Rating Name Rating Sector MR Contributing Fund 1 Stephen Adams A 1.24 AEGON UK Equity Acc A 13 2 Ashton Bradbury A 1.10 Old Mutual UK Select Mid Cap Acc 3 Thomas Dobell A 0.99 M&G Recovery A Inc 4 Audrey Ryan A 0.94 AEGON Ethical Equity Acc A AEGON UK Opportunities A Acc 5 Richard Buxton 0.86 Norwich UK Special Situations SC 1 Schroder UK Alpha Plus Inc Schroder UK Large Cap Inc 6 Jeremy Lang 0.79 Liontrust First Growth 7 Ian McVeigh 0.77 Jupiter UK Growth 8 Wesley McCoy 0.69 Standard Life Inv UK Equity Unconstrained Retail 9 Mervyn Douglas 0.62 Norwich UK Focus SC 1 10 Michael Felton 0.58 M&G UK Select A Acc 11 Giles Hargreave 0.55 Marlborough UK Leading Companies 12 Ben Russon 0.50 Newton UK Opportunities 13 Colin McLean A 0.50 Scottish Friendly UK Growth 14 Ralph Brook Fox A 0.49 ResolutionAsset UK Focus Acc 15 John Wood 0.48 JOHCM UK Opportunities Ret GBP 16 Harold Sharon 0.45 Lord Abbett UK Growth & Income A Acc 17 Mark Lyttleton A 0.41 Merrill Lynch UK Acc Merrill Lynch UK Dynamic Inc 18 Karen Robertson 0.40 Standard Life Inv UK Equity General Inc Standard Life Inv UK Equity Growth Ret Acc Position in Top 100

43 For the latest factsheets on all managers featured in the Top 100, visit uu 43 28, 29, Richard Smith 29 Neil Rogan Gartmore Global Focus Gartmore Invesco Perpetual UK Smaller Companies Invesco Perpetual Richard Smith is a relatively new face at Invesco Perpetual but he is an old hand at fund management, with more than 30 years experience in the field. Born in 1948, Smith began his investment career with Triumph Fund Managers in He moved to Lazard in 1975, where he became a director, in charge of small-cap funds. He joined Invesco Perpetual in 2002 and runs the million Invesco Perpetual UK Smaller Companies Equity fund. The fund aims to achieve capital growth with an average yield through a portfolio of investments in UK smaller companies. Industrial stocks make up the majority of the fund, with top 10 holdings including Synergy Healthcare, Chemring and Expo International. Baker also runs the Invesco Perpetual UK Smaller Companies investment trust and the UK component of the Invesco Perpetual Global Smaller Companies fund. Neil Rogan gives the impression he really loves his job and when asked what he would be if not a fund manager he answers less happy. His enthusiasm is reflected in the punchy, attention-grabbing presentations he delivers for his Gartmore Global Focus fund. Rogan adopts a highly disciplined investment process that targets unexpected growth and with the help of a strong investment team he blends bottom-up stock selection and topdown country allocation within a risk-controlled environment. Born in Liverpool in 1960, Rogan graduated in economics from Cambridge University. After a three-year spell with Touche Remnant, specialising in Japanese and global technology stocks, he joined Jardine Fleming and went on to head the firm s Pacific region portfolios division. Industrial and technology stocks feature heavily in the 156 million Global Focus fund, with Apple and Nintendo among his top 10 stocks. 30 Philip Gibbs Jupiter Financial Opportunities Jupiter Asset Management Philip Gibbs has a bold and sometimes aggressive approach to fund management, a confident style he applies to his Jupiter Financial Opportunity fund. Born in February 1958, Gibbs has run the fund since its launch in May 1997 and targets undervalued companies with proven management and strong products or services to trigger growth. A history graduate from St John s College, Cambridge, Gibbs spent 15 years as a financial analyst for Laing & Cruickshank and then BZW before he broke into fund management at Jupiter in He also runs two investment trusts, the Jupiter Split Trust and the growth portion of the Jupiter & Financial Income Trust. Additionally, he is responsible for Jupiter s Hyde Park hedge fund and other institutional money.

44 44 31, 32, 33= 31 Martin Lau First State Greater China Growth First State Having graduated from Cambridge University with a BA (Hons) and a Masters in engineering, Martin Lau has progressed from a somewhat industrial education to investment fund management and now has more than 11 years experience in the industry. Born in Hong Kong in 1972, Lau started his investment career in 1995 at BZW in London as part of their risk management team. He subsequently spent six years with Invesco as a fund manager responsible for the greater China funds, Smaller Companies fund and regional portfolios. Lau currently manages a range of China and Asia funds for First State. He describes his investment style for many of the funds he runs as bottom-up stock selection with strong macro overlay. He also focuses heavily on quality, growth and price. A keen badminton player, Lau also enjoys playing tennis and going to the cinema. 32 Neil Woodford Top performer in the UK Equity Income sector, see page 28 33= Geoffrey Paton Henderson Global Technology Henderson Global Investors 33= Stuart O Gorman Henderson Global Technology Henderson Global Investors Geoffrey Paton was born in Glasgow in He was educated at Hamilton Grammar School and the University of Strathclyde, graduating with a BSc in mathematics, statistics and economics and a PHD in mathematical and statistical modelling. Paton began his career as a trainee actuary at Scottish Amicable Life Assurance Corporation in He became a lecturer in mathematics at the University of Strathclyde in 1982 and went on to become an investment analyst at the Scottish Mutual Assurance society in In 2004, Paton joined Henderson Global Investors and is currently manager of the 229 million Henderson Global Technology fund and Henderson Horizon Global Technology fund. North American firms top the fund s holdings, with Apple, Microsoft and Cisco Systems all featuring in his top 10. Henderson Technology caused a stir in 2000 when it nabbed the high rated tech team of Stuart O Gorman and fellow manager Paul Kleiser from Scottish Equitable after they returned 271% to investors over three years. Despite joining Henderson at an inauspicious time for tech stocks, O Gorman weathered the storm of the dotcom collapse and gained a reputation for extracting above-average performance during the downturn. Stylistically, he tends to focus on larger and more established companies rather than those at an early stage in their development, resulting in a lower volatility rating than many peers. He makes full use of the extensive research resources available from Henderson and is ably supported since 2004 by A-rated co-manager Geoffrey Paton.

45 For the latest factsheets on all managers featured in the Top 100, visit uu 35, 36, 37, Audrey Ryan 37 Colin McLean Aegon Ethical Cautious Managed, Aegon Ethical Equity, Aegon UK Opportunities Aegon Audrey Ryan manages the Aegon Ethical Oeic. Her portfolio is comprises companies that are measured against such criteria as positive attitudes towards their employees and efforts made to protect the environment. She also runs the Aegon Ethical Cautious Managed and UK Opportunities funds. In 1990, prior to joining Aegon, Ryan was an audit manager at Bell & Co and moved into fund management in 1995 as a UK small-cap fund manager with General Accident. A member of the Institute of Chartered Accountants of Scotland, Ryan studied accounting at Napier University in Edinburgh and then earned a Master s degree in investment analysis from the University of Stirling. 36 Charlie Thomas Jupiter Ecology Jupiter Asset Management My main ambition was always to work as a fund manager, says Charlie Thomas, a key member of Jupiter s socially responsible investment team since Thomas manages the Jupiter Ecology unit trust according to Jupiter s three Gs principle: green, global, and growth. The fund buys companies that develop environmentally friendly solutions to a wide range of issues such as clean energy, water management and transport. An environmental biology graduate from the University of Nottingham, Thomas went on to take a Master s degree in environmental technology from Imperial College, London before launching his investment career. Thomas joined BP in 1997 as an environmental policy adviser and ultimately took on the role of commercial analyst before switching to Jupiter. 38 Tom Walker Top performer in the North America sector, see page 28 Scottish Friendly Managed Growth, SVM Global Opportunities, Scottish Friendly UK Growth SVM Born in Maracaibo, Venezuela, Colin McLean founded Edinburgh-based SVM Asset Management in He co-manages the SVM Global investment trust and the SVM Global Opportunities fund with Donald Robertson. McLean took an MA (Hons) in political economy and economic statistics at Glasgow University and was later awarded an MBA. From 1974 he enjoyed a 12-year stint as managing director of FS Assurance before joining Scottish Provident as head of investments. Prior to launching SVM, McLean spent two years as managing director of Templeton s European operations. His interests outside of fund management include golf, music and going to the cinema.

46 If it ain t broke, don t fix it. So why change the award-winning Citywire website? > Go to page 50...

47 For the latest factsheets on all managers featured in the Top 100, visit uu 47 39, 40= James 39 Thomson 40= Francesco Conte 40= Jim Campbell Rathbone Global Opportunities Rathbone JPM Europe Smaller Companies JP Morgan Asset Management JPM Europe Smaller Companies JP Morgan Asset Management James Thomson holds a BA in French area studies from the University of Cornell; an unlikely qualification for a prospective fund manager. However, shortly after graduating in October 2000 he joined Rathbones, where in May 2001, he was appointed as assistant on the then new global opportunities mandate. A little more than two years later Thomson was co-managing the portfolio with Julian Chillingworth and in July 2005 he became the sole manager. European and North American industrial and basic material stocks make up the majority of the fund s holdings. Along with holding benchmark qualifications such as the Investment Management Certificate (IMC), he also has a Securities Institute Diploma to his name. Further to this, he is a fellow of the Securities Institute and in November 2006 became a member of the Rathbone Unit Trust Management board. JP Morgan Asset Management s European Smaller Companies specialist Francesco Conte has been managing funds for the group since joining in Conte began his career at specialist mergers and acquisitions boutique Ermgassen & Co as an associate specialising in cross-border alliances. After a three-year stint he moved to Schroder Securities in 1993, taking on the role of lead sell-side analyst in the Italian equities team. At JP Morgan, Conte runs approximately 2 billion in funds. This portfolio includes the million JPM Europe Smaller Companies fund, which has Germany, Italy and France among its top geographical allocations. Born in Trapani, Italy, in 1966, Conte holds a degree in economics with a focus on international trade and development from the London School of Economics. He keeps fit by running regularly and enjoys relaxing at the cinema or at home with a good book. Scotsman Jim Campbell studied economics and law at Edinburgh University before entering the financial world. In 1988 he began a seven-year stint at Ivory & Sime where he worked as an investment manager for UK and European smaller companies. He subsequently switched to JP Morgan Asset Management in At JP Morgan, Campbell works closely with colleague Francesco Conte. The duo employ a mixture of bottom-up, value and growth stock selection styles in their management of a selection of funds which includes the UK-domiciled million JPM Europe Smaller Companies fund. They also claim responsibility for the JPM Europe Small Cap and JPM Europe Recovery Sicavs as well as a variety of segregated mandates. Campbell is a keen football fan who keeps fit with regular trips to the gym.

48 48 42, 43, Tim Guinness 44 Felix Wintle Investec Global Energy Guinness Asset Management Tim Guinness studied engineering at Cambridge University and obtained a Master s degree in management science at the MIT Sloan School of Management in the United States. He became joint chairman of Guinness Flight Global Asset Management from 1999 to 2002 and chief executive officer from 1997 to He has been lead manager of the million Investec Global Energy fund since 2004 and has more than 30 years experience as a fund manager. The continued high price of oil which has touched on $100 a barrel - has helped Guinness produce excellent returns in recent years. Top holdings in his Global Energy fund include ExxonMobile, Occidental Petroleum and Royal Dutch Shell. Guinness stepped down from management of the Global Energy fund in February. 43 Jenny Jones Neptune US Opportunities, Neptune Global Income Neptune Schroder US Small & Mid Cap, Schroder US Smaller Companies Schroders A keen tennis player and theatre enthusiast, Jenny Jones has a BA (Hons) in political science from Yale University and an MBA in finance from New York University. Jones started her career at Drexel Burnham in 1980 and became a fund manger in 1983, when she moved to the Mutual of America Life Insurance Company. She is now the head of US small and mid-cap equity at Schroders. With nearly 1 billion under management, spread across her range of US funds, Jones and her team aim to achieve capital growth focusing on growing and profitable companies that stand at a reasonable valuation relative to their earnings growth prospects. Among the top 10 holdings in Jones s $877 milion ( 434 million) US Smaller Companies are energy group Dresser-Rand and healthcare stocks West Pharmaceutical Services and Perrigo. Felix Wintle was born in London in From 1987 to 1992, he attended the City of London School. In 1997 he graduated from Durham University where he studied Arabic & Middle Eastern studies. He joined City Financial Asset Management in 1999 and in 2004 moved to Neptune Investment Management where he currently manages the 20.7 million US Opportunities fund. Consumer staple and healthcare stocks make up the majority of Wintle s holdings, including stakes in Johnson & Johnson and Valero Energy. Following the recent market wobble, Wintle upped his cash holding to 8.2%. When asked about his interests, Wintle lists football, backgammon, theatre, music and horse racing.

49 A FISTFUL OF DOLLARS Our US Opportunities Fund is the top performing fund in its sector since launch over five years ago If you are after a fistful of dollars, take advantage of the Neptune US Opportunities Fund. investment process which combines macroeconomic views with bottom-up stock selection. By investing in the world s largest stock market the Fund is able to choose from a huge number of interesting investment opportunities. The Fund benefits from Neptune s proven Find out more today by calling Patrick Berton on or [email protected]. For security purposes calls may be recorded and monitored. Position in Sector - Neptune US Opportunities Fund 1 Year 2 Years 3 Years 4 Years 5 Years Since Launch 1 st / 80 sector funds 1 st / 75 sector funds 1 st / 68 sector funds 1 st / 67 sector funds 1 st / 61 sector funds 1 st / 60 sector funds Source: Lipper Hindsight, North America sector, no intial charge, net income reinvested to 31/01/08. Launch date 31/12/ Make space for our performance This advertisement is for Professional and Eligible Counterparties only and should not be relied upon by Retail Clients. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. These are the analyst s personal recommendations and as such this document is deemed to be impartial research. Issued by Neptune Investment Management Limited, 1 Hammersmith Grove, London W6 0NB. Authorised and regulated by the Financial Services Authority.

50 The Citywire website has been voted the best of its kind year after year. So why change it? > Turn to page 70 to discover why...

51 For the latest factsheets on all managers featured in the Top 100, visit uu 51 45, 46, Rosemary Banyard 46 Jacqueline Kerr Standard Life Inv Managed, Standard Life Inv Global Advantage, Standard Life Inv Dynamic Distribution Standard Life Investments Schroder UK Smaller Companies Schroders Despite being one of the UK s most successful fund managers, Rosemary Banyard still manages to find time for her children on top of playing the violin and teaching a Sunday school class. She is a UK smaller companies specialist and invests in companies she expects to provide long-term growth. She uses a bottom-up style and targets firms with unique products for which demand is not being met. Born in March 1958, Banyard completed a degree in classics from Cambridge University and an MBA from the London Business School. Her first post was in 1979 as a graduate trainee with James Capel, becoming a key analyst at the group. In 1995 she got her first fund manager position with John Govett. She joined Schroders in 1997 and is co-head of the group s UK small-cap team and pan-european smaller companies team. As manager of the Standard Life Global Advantage fund, Jacqueline Kerr applies both top-down and bottom-up approaches to investment and tilts the asset allocation of the fund towards the UK market. Kerr also takes charge of the Standard Life Managed Oeic and stresses research and company contact in order to identify improving situations overlooked by the market. Currently investment director at Standard Life Investments, Kerr initially joined as a trainee IFA consultant in She held various positions within the marketing and investment departments before taking on the role of assistant investment manager for retail. Kerr studied accountancy and financial studies at Heriot-Watt University. Away from the office she enjoys shooting and going to the theatre. 47 Robin Geffen Top performer in the Balance Managed sector, see page 30 THE TOP 15 BALANCED MANAGED FUND MANAGERS 31/12/06-31/12/07 Source: citywire.co.uk Sector Rating Name Rating Sector MR Contributing Fund 1 Robin Geffen 1.80 Neptune Balanced Acc 47 2 Richard Peirson 1.41 AXA Framlington Managed Balanced Acc 74 3 Colin McLean A 1.37 Scottish Friendly Managed Growth 37 4 Iain Stewart 1.27 Newton Balanced 98 5 Gabrielle Boyle A 1.22 Lazard Managed Balanced Retail Inc 5 Alan Custis 1.22 Lazard Managed Balanced Retail Inc 5 Ian Smart A 1.22 Lazard Managed Balanced Retail Inc 16 8 David Jane A 1.13 M&G Managed X Inc 20 9 Malcolm Herring A 1.06 Baring Portfolio Sarah Arkle A 0.95 Threadneedle Global Equity & Bond 11 George Latham 0.91 Henderson Global Care Managed I Acc 12 Jacqueline Kerr 0.74 Standard Life Inv Global Advantage Ret Acc Tracey Lander 0.70 Old Mutual Select Managed Acc 70 14= Mark Harris A 0.59 New Star Balanced Portfolio A Acc New Star Managed Portfolio A Inc 14= Craig Heron 0.59 New Star Balanced Portfolio A Acc New Star Managed Portfolio A Inc Position in Top 100

52 52 48, Aled Smith M&G Asian, M&G Global Leaders, M&G American M&G Aled Smith takes charge of several UKdomiciled funds, adopting a value and growth approach for the M&G American fund and an income and capital growth stock selection style for the M&G Global Leaders fund. He is also in charge of the M&G Asian fund. The 1.1 billion Global Leaders fund aims to maximise long-term total returns by investing in a wide range of global equities that the fund manager considers to be leading in their field. Prior to joining M&G, Smith had an eight-year stint at JP Morgan, including four years as a specialist senior analyst for the media sector. He began his career as an actuarial consultant at Coopers & Lybrand in Smith holds a mathematics degree from Lincoln College, Oxford University. For a full index of fund manager positions turn to page Richard Buxton Schroder UK Large Cap, Schroder UK Alpha Plus, Norwich UK Special Situations Schroders In his role as head of UK equity at Schroders, motorcycle enthusiast Richard Buxton controls the Schroder UK Alpha Plus fund for which he adopts a flexible stockpicking approach. He has managed the fund since its launch in July 2002 and has developed the topdown investment themes that guide stock selection. He stocks the fund with a concen- trated portfolio of 20 to 40 of his best ideas and can draw on both value and growth characteristics depending on market conditions. Prior to joining Schroders, Buxton enjoyed an 11-year stint with Barings, where his responsibilities included taking the reins of the Baring UK Growth, Baring Equity Income and Baring Global Growth funds. He holds a degree in English from Oxford University.

53 For the latest factsheets on all managers featured in the Top 100, visit uu 53 50, 51, Leigh Harrison 52 Stephen Docherty Threadneedle UK, Threadneedle UK Equity Income, Threadneedle UK Equity Alpha Threadneedle A member of the Securities Institute, Leigh Harrison graduated from Nottingham University with a BA in geography in 1980 and went on to complete an MSC in surveying and photogrammetry at University College, London a year later. Harrison s first financial post was with stockbroker Rowan Dartington. Two years later he joined Hill Samuel, where he spent 12 years managing a wide range of UK equity portfolios, including financial, growth, income and smaller companies. He was a director of institutional investment at Hill Samuel when he moved to Sun Life of Canada in 1994 to head the group s UK equity team prior to the firm s acquisition by Credit Suisse Asset Management in Harrison joined Threadneedle in 2005 and now heads their UK retail investment division. He took charge of the Threadneedle UK Equity Income fund in February Jonathan Barber Threadneedle UK Monthly Income Threadneddle Jonathan Barber is the lead manager on the Threadneedle UK Monthly Income fund. A long serving employee at Threadneedle, Citywire -rated Barber started his investment career at Scottish Equitable as an investment analyst having achieved a BSc (Hons) in business administration from Bath University. He then moved to Eagle Star Investment Managers as a fund manager, before the firm became part of Threadneedle in During his time at Threadneedle, Barber has managed a number of the firm s funds. Currently, the highly versatile individual is the deputy manager for Threadneedle s UK Smaller Companies, UK Growth and Income, Overseas Earnings and UK Equity Alpha Income funds. In addition to this he also manages the Allied Dunbar High Income and UK Capital Growth Funds, as well as two Eagle Star environmental funds. Aberdeen World Equity Aberdeen Global equities expert Stephen Docherty focuses on fundamental analysis, with an emphasis on balance sheet strength when stocking his portfolio. He also looks for low debt to equity ratios and high return on equity. He currently takes responsibility for the Aberdeen World Equity fund and a number of global mandates. Docherty is cautious about the global economic growth outlook and believes stockmarkets will remain volatile, given that central banks are likely to further reduce interest rates despite ongoing inflationary pressures. A graduate of Aberdeen University, Docherty holds an honours degree in mathematics and statistics. He previously worked in the department of actuarial services in the life division of Abbey National. In 1994 he joined Aberdeen Asset Management and was appointed head of global equities. Docherty enjoys a good round of golf when not managing money.

54 EURO HERO Neptune European Opportunities Fund has been a top performer consistently since launch Make space for the Neptune European Opportunities Fund. It has been one of the top performing funds in its sector since launch in November It benefits from our team-based investment process which takes account of macroeconomic views before bottom-up stock selection. Companies are picked for their good earnings, solid balance sheets and their exposure to sectors with strong long term fundamentals with the potential to benefit from global trends. As such, the Fund is less correlated to the Index than most European funds and could be an ideal core holding for client portfolios. The manager, Rob Burnett, re-orientated the Fund in early 2007 based on our top-down views. The benefits of some of these changes are now being felt and we are confident that we can take advantage of current market weakness. For performance that s out of this world, call Patrick Berton on or [email protected]. For security purposes, calls may be recorded and monitored. Neptune European Opportunities Fund % Annual returns to 31 January Since launch* Sector Average Neptune European Opps Position in sector 20/106 1/101 1/94 1/92 9/84 1/83 Source: Lipper Hindsight, Europe ex UK sector, no initial charge, net income reinvested * Cumulative performance since launch 29/11/02 to 31/01/ Make space for our performance This advertisement is for Professional and Eligible Counterparties only and should not be relied upon by Retail Clients. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. These are the analyst s personal recommendations and as such this document is deemed to be impartial research. Issued by Neptune Investment Management Limited, 1 Hammersmith Grove, London W6 0NB. Authorised and regulated by the Financial Services Authority.

55 For the latest factsheets on all managers featured in the Top 100, visit uu 55 53, 54, 55=, Rob Burnett 54 Rory Hammerson Swip Pan-European Equity Swip Neptune European Opportunities Neptune Burnett has been an impressive performer on the Neptune European Opportunities fund where he has achieved outperformance over the last three years through investment in primarily cyclical stocks. He graduated from Oxford University with a degree in politics, philosophy and economics in Before joining Neptune he took a position at Goldman Sachs where he worked in the investment bank s equities division. Burnett has sector responsibility for financials at the firm, where he also manages the Neptune European Max Alpha fund. Over the last few months, Burnett has acted to maintain outperformance by slashing the European Opportunities fund s weighting in small-caps, industrial cyclicals and banking holdings and has started to make forays back into pharmaceutical stocks because of what he sees as strong defensive qualities in turbulent markets. Rory Hammerson has been with the Scottish Widows Investment Trust (Swip) for nine years and has risen through the ranks to assume control of some of its most important funds. Describing himself as a bottom-up stockpicker, he has a reputation as a trouble shooter and was parachuted into the Swip Pan European and Swip Pan European SRI funds earlier this year to take control of their performance. Between 1999 and 2004 he managed the company s Latin American fund, with a concurrent role as global mining analyst between 2002/05. In 2004 he assumed management of the Swip Pan European Small Companies fund and also management of an internal commodities fund. Hammerson graduated with an MA (Hons) in Hispanic studies from St Andrews University followed by a Master s in investment analysis and finance at Stirling University. He is fluent in Spanish and Portuguese. 55= 57 John Dodd Simon Shaw & Jonathan Fieldsend Top performers in the Specialist sector, see page 26 Artemis UK Smaller Companies Artemis John Dodd was one of the founding fathers of Artemis and has been one of its most successful fund managers. His UK Smaller Companies fund performed extremely well when Dodd made massive returns from his investments in growth-oriented stocks most notably technology-related businesses in late 1999 and early But, unlike many other managers, Dodd astutely switched into more value-oriented holdings before the market collapsed. His fund is unconventional and can be volatile, but his willingness to back his judgments has helped it to deliver stellar returns.

56 56 58, 59, Lucy MacDonald 59 James Buckley Baring European Growth Baring Allianz RCM Global Equity Allianz Lucy MacDonald graduated from Bristol University and began her career at Baring Asset Management in 1985 where she was director and senior portfolio manager. In 2001, she joined RCM Allianz Global Investors, where she is currently chief investment officer of the global equities team and portfolio manager of the Allianz RCM Global Equity fund, Allainz-dit-Interglobal fund and Allianz RCM Global Equity fund. Key factors in the Global Equity fund s outperformance was MacDonald s overweight position in telecoms, where exposure to the high growth Chinese market contributed to the fund s strong performance. A stake innintendo within the leisure goods sector also contributed significantly. MacDonald has more than 20 years experience in the securities business and portfolio management and is an Associate of the Society of Investment Professionals. James Buckley was born in 1968 in Chester. He Studied at Cambridge University gaining a Master s degree in business administration. He also holds a Master s degree in investment analysis. James joined Baring Asset Management in September Previously, he led a team of analysts at HSBC private clients, which was responsible for UK Equity stock and sector selection for the bank s private banking customers. He manages the 210 million Baring European fund and also has European research responsibilities for automotives and financials in addition to country research for Italy, Greece and Ireland. James s career has involved fund management, equity research and multi-manager investment. He is an associate of the UK Society of Investment Professionals and has been a published novelist since January Ian McVeigh St James s Place Cautious, Jupiter UK Growth Jupiter Asset Management Ian McVeigh was awarded sole management of the Jupiter UK Growth fund when he joined the group in April He started his career at Sheppards & Chase as an analyst and later moved into sales. In 1984, McVeigh began a 14-year period at Philips & Drew where he was a successful member of the UK equity division, both as a salesman and account manager. His first fund management role came at Schroders in 1998, where he took responsibility for a range of investment trusts, retail funds and pension fund mandates. Upon leaving four years later, he used his vast investment experience to launch the Parkway Global fund, a global macro-hedge fund he ran until A senior member of Jupiter s specialist UK equity team, McVeigh is an Oxford graduate and spends his free time cycling and spending time with his family.

57 For the latest factsheets on all managers featured in the Top 100, visit uu 61, 62, 63, Robin Hepworth 64 Jane Andrews Allchurches European Growth, Allchurches International Growth, Allchurches Higher Income Allchurches Churches have been a prominent feature in Scottish-born Robin Hepworth s financial career. Before joining investment boutique Allchurches Investment Management in 1996, he worked as a North American investment analyst for the Church Commissioners. He joined Ecclesiastical as a generalist investment analyst 1994 Hepworth runs the 46.2 million Allchurches Higher Income fund and manages a pension fund. He describes himself as a value-based opportunistic stockpicker. A fund manager for 10 years, he graduated from Greenwich University with a BSc in estate management. Despite his Scottish roots, Hepworth s footballing loyalties lie south of the border and he is a keen Tottenham Hotspur fan. 62 Stuart Sharp Rensburg UK Managers Focus, Rensburg UK Smaller Companies, Rensburg UK Micro Cap Growth Rensburg Stuart Sharp says he has a bias to growth and applies a pragmatic investment approach, involving company meetings, in-depth analysis of published accounts and brokers research. Born in Hawick, Scotland, Sharp 63 studied law with accountancy and economics at Edinburgh University. He qualified as a solicitor immediately after working in the shares valuation division of the Inland Revenue and then spent a short time as assistant fund manager at Aberdeen Trust. He joined Rensburg Fund Management in 1991 and is now the firm s investment director. He runs well-diversified portfolios and makes company visits to help develop his stock ideas. He views competence of management, an emphasis on building shareholder value and the dynamics of a firm s business environment as key factors. Gerald Smith Top performer in the Global Emerging Markets sector, see page 31 Smith & Williamson Far Eastern Growth Trust Smith & Williamson Jane Andrews takes an eclectic approach to choosing the portfolio for her 26.1 million Smith & Williamson Far Eastern Growth Trust (formerly Nucleus Growth Trust), one of the small number of funds that encompasses all Pacific markets including Japan. While adopting a growth bias in her selections, she does not neglect value, which she believes she adds through a combination of top-down analysis and bottom-up stock selection. Hong Kong, Australia and China top the fund s geographical allocations, with holdings including PetroChina, Pan Australian Resources and Rio Tinto all in her top 10 stocks. Andrews worked at Govett and CIM fund management groups before joining Smith & Williamson in Outside of work she is an active member of the local church and enjoys skiing, hiking, travelling and golf.

58 58 65, 66= William Adrian 65 Calvert 66= Frost 66= Adrian Gosden AXA Framlington Emerging Markets AXA Framlington Artemis Income, Artemis High Income Artemis Artemis Income, Artemis High Income Artemis William Calvert was born in 1960 and educated at Marlborough College and Bristol University, graduating with a BSc in economics. With more than 20 years experience in the financial industry, Calvert began his career at English Trust in 1982 as a fund manager. He later had spells at Municipal Mutual in 1989 and Citibank in 1993 working as a fund manager. In 1993, he joined LCF Edmond De Rothschild where he was part of the country fund broking team. In 1997, he was recruited by Framlington (now AXA Framlington) to head up the emerging markets fund management desk where he worked on both dedicated emerging markets portfolios and as part of the global investment team. He is currently the lead manager for the AXA Framlington Emerging Markets fund. Calvert lists golf, shooting, tennis, rugby and bridge among his interests outside fund management. Adrian Frost entered the world of money management in 1979 as a stockbroker. He joined Deutsche Asset Management in 1983 and became a director in His appointment as head of UK equities in 1996 saw him take charge of a 40-strong team of investment managers running approximately 5 billion of funds. Frost made the switch to Artemis in 2001 where he works in tandem with co-manager Adrian Gosden. Together, the two Adrians look after the Artemis Income fund, with Frost acting as lead manager. The duo make use of a blended multi-cap stock selection style and also manage the Artemis High Income fund. Born in Newton Abbot, Devon in October 1957, Frost holds a degree in geography from Jesus College, Cambridge and is a keen cook and father to six children. Adrian Gosden joined Artemis from SG Asset Management in October 2003 and now assists lead manager Adrian Frost in the management of the Artemis Income and Artemis High Income funds. A recent purchase for the High Income fund was of short-dated bonds in Pearson which the duo believe will benefit from the predicted lower interest environment. Gosden has eight years experience as a fund manager, five of which have been in UK equities. He joined SG Asset Management after spells with Andersen Consulting and Robert Fleming. Prior to joining Artemis, Gosden managed a number of accounts for institutional clients and co-managed the retail SocGen UK Income fund with Nicola Horlick. Born in Horsham, Sussex, in 1970, Gosden gained a first class degree in chemistry from St Hugh s College, Oxford.

59 For the latest factsheets on all managers featured in the Top 100, visit uu 59 68, 69, Peter Saacke Artemis European Growth, Artemis Global Growth Artemis Peter Saacke joined Artemis Investment Management in December 2002 from Merrill Lynch Investment Managers, where he had worked as a pan-european equity strategist and quantitative economist since Saacke holds a BA in mathematics and philosophy from Oxford University, an MA in economics from Freiburg University and a PhD in economics from Hamburg University. In 1998 he was a visiting researcher at the European University Institute in Florence. Saacke is a CFA charterholder. He has co-managed the Artemis European Growth fund since December 2002 when he joined Artemis, and took over the management of the Artemis Global Growth fund in December Saacke says the strong performance of the Global Growth fund was as more to do with picking the right stocks than avoiding certain disaster areas. A significant exposure to emerging markets (particularly China, Russia and South Korea) helped performance, as did investments in European auto and telecom stocks. 69 Simon Knott Discretionary Unit Discretionary 70 Tracey Lander Old Mutual Select Managed Old Mutual Asset Managers Simon Knott s fine analytical brain has helped him become an international chess master and a top fund manager in the UK Smaller Companies sector. The important thing in chess, as well as the stockmarket, is to make good decisions and to keep your error rate down, says Knott. The Discretionary unit trust, which was originally launched in 1963, has been a strong performer since he took charge of it in He also manages the Rights & Issues investment trust, which invests in mid and small-cap stocks and some unquoted companies. London-born, Knott graduated from Trinity College, Cambridge, with an economics degree. He started his career at family stockbroking firm Green & Co, which was taken over by Greig Middleton and later Gerrard. He was director of the group between 1988 and 1997, before his Discretionary venture. Knott describes himself as a deep value investor who pays little attention to the macro-economic issues apart from keeping abreast of general economic trends. Tracey Lander is a senior asset allocator at Old Mutual Asset Managers (Omam), responsible for a range of managed funds and global mandates. Having joined Omam in 2000, Lander already had a wealth of experience after working as a fund manager and investment analyst at Abbey Life Investment Services between 1987 and Lander, who holds a BSc in economics from Loughborough University and an MSc in economics from Warwick University, has developed a specific process for running the Select Managed portfolio. Equity market valuations are examined relative to longterm bond yields, with additional valuation measures used to make comparisons between markets and with their own historical levels. Bond markets are analysed within a macro-economic context, in order to determine the likely direction of yields. Hedge funds are assessed in order to determine the sustainability of non-correlated returns and their attractiveness as a portfolio diversifier. Property is assessed on its attractiveness and sustainability of yields. Having decided on the asset allocation from a top-down perspective, Tracey then assesses the relative merits of the underlying funds available to her in order to construct the portfolio.

60 60 71, 72= 71 Jeremy Podger 72= James Foster Artemis Strategic Bond Artemis Threadneedle Global Select Threadneedle A philosophy graduate from Cambridge, Jeremy Podger took the reins of the Threadneedle Global Select Growth fund in November 2003 following his move from Investec. Podger invests in attractively valued growth companies across the capitalisation market scale. He is proud to buy British and furthermore emphasizes that despite geography, class and sector, many stocks are becoming citizens of the world and thus standardised in terms of returns, risk and volatility - giving global funds a comparatively low risk status. Diverging from the index is not uncommon; no value, no investment is one of Podger s mottos. Previously, Podger spent seven years managing global equity funds at Investec, where he was head of Continental European institutional equities. He also enjoyed stints at Saudi International Bank, Mirage and Guinness Flight. Podger holds an MBA from London Business School. James Foster is a powerful man in the corporate bond market. He is head of the bond division at Isis Asset Management, one of the biggest players in the field. Foster has been a fund manager for more than 10 years technically with the same employers, as his first company, Sun Alliance, merged with the Royal Insurance and then brought its asset management arm together with Isis in He looks for companies which have improving credit fundamentals and can pay their coupon throughout the lifetime of the bond. The Strategic Bond fund invests in all types of bonds from government to corporate and from investment A-rated bonds to C-rated bonds. An economics graduate from the University College of Wales, Aberystwyth, Foster s extra-curricular activities include politics and sailing. 72= Alex Ralph Artemis Strategic Bond Artemis Alex Ralph co-manages the 192 million Artemis Strategic Bond fund alongside James Foster after the pair joined the boutique from F&C. Ralph graduated from the London School of Economics in 2000 with a degree in economics. Her first role after university was to join Royal & Sun Alliance as a graduate trainee where she trained as a credit analyst. After two years she moved into the realm of retail bond fund management with Isis, where she specialised in high yield bonds. After the completion of the merger of Isis with F&C in July 2004, Ralph widened her role to include investing in duration and investment grade bonds. The Artemis Strategic Bond fund invests primarily in fixed income markets but has the flexibility to selectively invest in other markets and asset classes. It will buy government and corporate bonds ranging from investment grade A down to C-rated bonds.

61 For the latest factsheets on all managers featured in the Top 100, visit uu 61 74, 75, Richard Peirson AXA Framlington Managed Balanced, AXA Framlington Financial AXA Framlington 76 Simon Laing Newton American BNY Mellon Asset Management Richard Peirson has over 21 years experience as a fund manager and he follows AXA Framlington s investment philosophy, which focuses on companies which offer growth at a reasonable price. He assesses a company s growth prospects by analysing the quality of its management, its financial position, the industry in which it operates and its competitive position. Born in 1949 in Newcastle Upon Tyne, Peirson went on to gain a BSc in computational and statistical science from Liverpool University. He started out his career as a computer consultant for Arthur Andersen and moved into money management with stockbrokers Grieveson Grant in His contract was renewed by Kleinwort Benson in 1986 after its acquisition of Grieveson Grant and he spent eight years with the group before being snapped up AXA Framlington. Born in 1974 in Glasgow, Scotland, Simon Laing obtained a degree in engineering science from Oxford University. Laing has more than 10 years of experience as a fund manager. He began his career in 1997 at Newton Investment Management working as a research analyst. In 2000 he became portfolio manager for North American equities and is responsible for managing the Newton American fund and the Mellon Global Innovation Fund. He applies a bottom-up stockpicking approach for his funds and says US equities were still able to deliver positive returns over the last 12 months, despite the slowdown in the US economy. Laing lists rugby and golf among his interests outside of fund management. He is a Certified Financial Analyst charter holder. 75 Jonathan Ingram JPM Europe, JPM Europe Dynamic ex-uk, JPM UK Dynamic JP Morgan Asset Management Jonathan Ingram was born in 1978 and attended Oxford University where he obtained an M.Eng (Hons) in natural sciences (metallurgy). Ingram began his career in JP Morgan Asset Management ( ) working as a quantitative investment analyst in the currency group. In 2003, he became analyst and portfolio manager in the European high alpha team at JP Morgan Asset Management. In 2007, he was appointed head of the team and he is currently portfolio manager of the JPM Europe fund, JPM Europe Dynamic excluding UK and JPM UK Dynamic fund. The Dynamic products team of three works within and draws on the broader Europe investment team of 35 investment professionals, managing higher risk UK and European products - a total of $6 billion. Ingram s investment style focuses on a bottom-up, best of value and best of growth strategy. The 385 million Europe fund uses a bottom-up investment process in order to pick the best value and growth stocks. More than 50% of the fund is allocated to France, Germany and Switzerland, with major holdings including Telefonica, Nestle and Banco Santander. Ingram is a registered Certified Financial Analyst.

62 62 77, 78, Wesley McCoy 79 Cormac Weldon Standard Life UK Equity Unconstrained Retail Standard Life Investments Born in 1978, Wesley McCoy obtained a BA Honours in business economics from the University of Durham. After graduating he joined Standard Life Investments in 1999 as an investment analyst. In January 2005, he was appointed fund manager of the Growth and Income fund and went on to become portfolio manager from launch of the UK Equity Unconstrained fund in September The 237 million UK Equity Unconstrained fund s investment process combines allocation, stock selection, portfolio construction, risk management and dealing. It is research intensive and is built around a focus on changes in investment philosophy. McCoy is a Chartered Financial Analyst. 78 Mark Breedon Investec Global Free Enterprise Investec Mark Breedon is the head of global equities for Investec Asset Management as well as being a financials sector specialist. He has managed global equity portfolios for the last 12 years, having joined Investec Asset Management from Alliance Capital Management. At Alliance he managed, amongst other portfolios, the $500 million Worldwide Privatisation fund, NYSE-listed Southern Africa fund, Spain fund and Austria fund. All this came after being headhunted from First Chicago, which later became Brinson Partners, in Breedon managed developed market equity accounts for Brinson Partners after an initial three year spell in research at leading London stockbroking group Vickers da Costa. He has an Honours degree in economics. Threadneedle American Select, Threadneedle American Smaller Companies Threadneedle Cormac Weldon has managed the Threadneedle American Select fund since December The fund, which is not limited by sector specialisation, invests in companies domiciled in North America or those that have significant North American operations. Weldon was born in Ireland and went on to study accounting and finance at City University, Dublin. He remained in the Irish capital and joined KPMG in 1987 as a tax accountant. Two years on, Weldon was appointed to investment specialist. He joined Provident Mutual in 1991 as a North American equities analyst but got his first fund manager role with the British Gas Pension fund in He enjoys watching rugby and football when not managing money.

63 For the latest factsheets on all managers featured in the Top 100, visit uu 63 80, 81, 82 Andrew Adrian 80 Yeadon 81 Bignell 82 Leonard Klahr Schroder Multi-Manager High Alpha Portfolio, Schroder Multi-Manager Strategic Balanced, Schroder Managed Balanced, Schroder Multi-Manager Cautious Managed Schroders Born in Singapore in 1964, Andrew Yeadon studied economics at Bristol Polytechnic before launching his investment career. He has amassed 20 years of fund management experience since starting out at Brinson Partners (now part of UBS) as a European equity analyst and fund manager in Yeadon enjoyed a three-year stint with the group prior to joining Schroders as head of multi-manager investment. Funds under his control include the Schroder Managed Balanced fund, the Schroder S&P Cautious Managed and Schroder S&P High Alpha portfolios. Schroders selects funds with a due diligence process that includes meeting the managers of all the funds under consideration. Yeadon cites golf, travel and spending time with his family as his preferred pastimes when not managing money. Invesco Perpetual European Smaller Companies Invesco Perpetual With 12 years of fund management experience, Adrian Bignell started his management career aged 23 at Cazenove where he became a director at the company and vice-head of their European Equities Team. He subsequently joined Invesco Perpetual in 2003 as a fund manager in the European equities team and is currently responsible for the management of a number of European small-cap funds, including the 284 million Invesco Perpetual European Smaller Companies fund. Germany and Norway make a large chunck of the fund s geographical location. Bignell is also holding 9.9% of the fund in cash as he seeks out buying opportunities following the recent market turmoil. Born in 1971 and educated at St Andrews University in Scotland, Bignell gained a degree in French. He is an active member of the Securities Institute. Bignell s interests outside of fund management include walking and playing golf. Old Mutual Extra Income Old Mutual Asset Managers Born in 1946, Leonard Klahr has spent more than 30 years in the income sector, although he has not enjoyed the kind of marketing push for his skills that some of his rivals have. As a result, he is little known even though he was a member of the Vanguard unit trust group run by former brokers Capel Cure Myers, which delivered some impressive performance figures going back to the mid-1980s. Klahr s first senior fund manager role came in He is now head of Old Mutual s UK Income department, where he runs the 46.3 million Old Mutual Extra Income fund. The fund has benefited from its 11.4% overweight in the oil and gas sector, with BP and Royal Dutch Shell both in his top 10 holdings. Tobacco stocks British American Tobacco and Imperial Tobacco also make up more than 5% of the fund. Klahr is a member of the Society of Investment Professionals.

64 64 83, 84, Manraj Sekhon 84 Brenda Reed Fidelity Managed International Fidelity International Henderson International Henderson Global Investors Head of international equities at Henderson Manraj Sekhon has risen a long way since beginning his career at Mercury Asset Management in 2004 as an analyst covering pan-european, Asian and emerging market equities. He began managing money in 1996 in the pan-european equities sector before becoming senior fund manager in global equities in He then moved to Invesco Asset Management as deputy head of global equities in He joined Henderson Global Investors in 2003 as director of European, Australasian and Far Eastern funds before rising to his current role in 2007, and is a member of the company s global policy committee. Sekhon graduated from the University of Warwick with a BSc (Hons) in management sciences. He is a Chartered Financial Analyst, an associate member of the UK Society of Investment Professionals and a Member of the European Federation of Financial Analysts Societies. Brenda Reed is the top performing manager in charge of the Fidelity Managed International fund. She uses a bottom-up stockpicking approach to run the 415 million fund. She has a neutral portfolio style, balanced between holding companies that exhibit strong earnings growth characteristics and those that have hidden value, with a focus on buying into companies which can achieve growth at a reasonable price. The portfolio is unconstrained and does not attempt to mirror any benchmark, although it is biased towards medium-sized companies that are generally under-researched. Risk control is a key feature of the fund and is achieved through holding a diversified portfolio. Reed has held many posts at Fidelity over the last 15 years, including the director of research in charge of UK and European equities, a research analyst and portfolio manager in Tokyo covering Japanese equities. 85 Ben Lloyd Baillie Gifford Pacific Baillie Gifford Ben Lloyd was born in in In 2001, he graduated from Oxford University with an MA in geography. On graduating, he joined Baillie Gifford as an investment analyst and now manages the 151 million Baillie Gifford Pacific fund alongside Gerald Smith. The fund aims to achieve capital growth by investment in the Far East, Australasia and the Indian sub-continent in any economic sector. The current policy excludes investment in Japan, New Zealand and Australia. Hong Kong, South Korea and China are the fund s top three geographical allocations, while stock s in the fund s top 10 include CNPC Hong Kong, Pacific Shipping and Samsung Corporation. Outside of fund management, Ben lists tennis, rugby and the ironman triathlon as his interests.

65 For the latest factsheets on all managers featured in the Top 100, visit uu 65 86, 87, Mervyn Douglas 88 Craig Heron Norwich UK Focus Morley Born in Swaziland in 1975, Mervyn Douglas gained a BA (Hons) in law from Nottingham University. His first investment management role was in 1997 at Schroders, where he worked as a UK equity fund manager. Douglas then had a two-year stint with Morley Fund Management, assuming responsibility for the Norwich UK Income & Growth fund. He joined Legal & General in 2005, where he ran the L&G Growth Trust, and then returned to Norwich Union in 2006, where he currently runs the 109 million Norwich UK Focus fund. Stocks in the fund s to 10 include Johnson Matthey, Rolls Royce and United Business Media. Douglas is a CFA Institute member and enjoys playing golf and football in his spare time. 87 Barry Norris ResolutionAsset Argonaut European Alpha Argonaut Capital Partners Oxford-born Barry Norris chose the light blue of Cambridge University to study history and international relations before launching his career as an investment analyst at Baillie Gifford in A move to Neptune Investment Management in 2002 saw Norris take on a fund management role claiming sole responsibility for the Neptune European Opportunities fund. Norris went on to found Argonaut Capital with Oliver Russ early in 2005 through which he currently manages the ResolutionAsset Argonaut European Alpha fund. His investment approach places emphasis on shares of companies incorporated in Europe or companies that derive a significant part of their business from Europe. When away from the office, his hobbies range from golf and cricket to listening to opera and reggae music. New Star Active Portfolio, New Star Balanced Portfolio, New Star Managed Portfolio, New Star Cautious Portfolio New Star Asset Management As a fund manager on New Star s fund of funds team, Craig Heron co-manages the New Star Active Portfolio, New Star Managed Portfolio and New Star Balanced Portfolio with team head Mark Harris. Heron s role in the team involves portfolio construction and strategy formation, leading fund manager meetings and marketing the funds. He also coordinates the team s analysis schedule and output. Born in Edinburgh in 1975, Heron earned a degree in actuarial mathematics and statistics from the city s Heriot-Watt University before joining Greig Middleton & Co in He went on to enjoy a three-year stint as head of managed funds research at Edinburgh Fund Managers prior to his 2003 move to New Star. Outside of fund management, Heron spends his free time playing and watching football, cricket and golf.

66 66 89, 90, Andrew Holliman 90 Henrietta Luk Melchior Asian Opportunities Dalton Strategic Partnership Threadneedle American Threadneedle Born in Edinburgh in 1975, Andrew Holliman stuck to his Scottish roots by choosing to study business studies at Edinburgh University and then joining leading independent Scottish asset management group Baillie Gifford in His first year with the group was spent as an investment analyst in the North America department before he moved to the UK smaller companies team. Deciding his future lay in the US market, he returned to the North America department, where he spent four years, managing the Baillie Gifford American fund from October Holliman moved from Baillie Gifford early in 2004 to manage the Threadneedle American fund. The fund primarily invests in stocks of medium to large companies domiciled in North America or which have significant North American operations. The 879 million fund is overweight technology stocks, with Microsoft, Google, ebay, Apple and IBM all in his top 10. Strategic Partnership s Henrietta Luk has over 20 years experience of investing in Asian markets from her Hong Kong-base, where she is managing director of offshore subsidiary firm Dalton Capital (Hong Kong). Luk runs the 325 million Melchior Asian Opportunities fund on which she is very much a bottom-up stockpicker who has outperformed through the last year by avoiding what she regards as the highly competitive low-end manufacturing space in China, which is exposed to margin pressures and cost inflation. Luk uses an unconstrained investment style and invests across the whole of the market-cap spectrum to find the best growth companies. The fund holds a relatively concentrated 30 to 40 stocks, and has been boosted over the last year by the fund s overweight position in Chinese H shares listed in Hong Kong. 91 Charles Oliver Smith & Williamson Global Gold & Resources Smith & Williamson Charles Oliver obtained a Bachelors Degree in geology from the University of Western Ontario. He is a chartered financial analyst with five years of professional experience as a fund manager. Oliver began his career at Midland Walwyn working on the trading desk. In 1999, he joined AGF as an equity analyst and went on to become co-manager of the AGF Precious Metal fund, AGF Global Resources fund and AGF Canadian Resources fund. In 2004, Charles became lead manager of the Nucleus Global Gold and Resources fund and Goldings Global Technology fund. Oliver uses a growth oriented style for his funds, emphasising a bottom-up approach to stock selection. He lists golf, rugby, chess, bridge and wakeboarding among his interests outside of fund management.

67 For the latest factsheets on all managers featured in the Top 100, visit uu 67 92, 93, Philip Collins 94 Michael Felton Newton Phoenix Multi-Asset BNY Mellon Asset Management Philip Collins is investment director of the Private Investment Management division of Newton, with overall responsibility for the investment process within the department. He manages a number of multi-asset portfolios, including the Newton Phoenix Multi- Asset fund and the Newton Offshore Strategy fund, and has specialised in offshore portfolios for the last 17 years. He describes his management as being fundamentally a matter of asset allocation with support from a team of analysts in selecting particular investments within broad sectors. Investment decisions are also guided by Newton s in-house thematic investment style. Collins began his career in private bank Leopold Joseph in 1985 before moving to investment specialist Capital House in 1990 and Newton in He has more than 20 years experience in managing money and is a member of the Securities Institute. 93 Ian Henderson JPM Natural Resources, JPM Global Financials JP Morgan Asset Management As a qualified chartered accountant, Ian Henderson knows what it means to carry pages of figures in your head and draws inspiration from Peter Lynch, who managed one of the biggest funds in history at Fidelity. Henderson runs the JPM Natural Resources and the JPM Global Financials funds. He also manages various funds of funds. Born in London in 1949, Henderson graduated in philosophy, politics and law from Edinburgh University and has more than 25 years experience as a fund manager. He does not restrict himself to a single stock selection style although he does have a slight preference for value-based investment opportunities. Henderson has been known to make 20 to 30 company visits a week in search of picks for his funds and says director ownership of shares in absolutely critical. M&G UK Select M&G The distinctive feature of Michael Felton s investment approach is pragmatism combined with the desire to identify companies with a sustainable competitive advantage. Born in 1967, Felton has accumulated more than a decade of experience in the UK market. He joined Isis in 1989 and initially worked for four years as a sector analyst before being promoted to fund manager then head of retail investment. Following a move to M&G, Felton now takes charge of the 535 million M&G UK Select fund. Oil and Gas giants make up the top two holdings in the fund with BP at 7.55% and Royal Dutch Shell at 6.0%. He graduated from De Montfort University, Leicester, with an economics degree and is an Associate of the Society of Investment Professionals.

68 68 95=, 97 Jason Richard 95= McCay 95= Evans 97 Richard Sneller Martin Currie Asia Pacific Martin Currie Martin Currie Asia Pacific Martin Currie Baillie Gifford Emerging Markets Growth Baillie Gifford Jason McCay honed his knowledge of Asian markets with a two-year stint in Indonesia in the late 90s. McCay started out in 1991 as an investment analyst at Alliance Trust. He was named investment manager at Edinburgh Fund Managers in 1994 before making the move to Asia two years later. McCay began his Indonesian experience with a year at Peregrine Securities, subsequently moving on to Deutsche Morgan Grenfell. He joined Martin Currie Investment Management in Presently a director and head of Asia/global emerging markets, his responsibilities include the Martin Currie Asia Pacific fund. Australiaian stocks make up more than 25% of the fund, with Rio Tinto and BHP Billiton both in his top 10 Born in Northern Ireland in 1969, McCay attended Strathclyde University where he studied economics. He has a passion for motorcycles and is a keen football fan. Richard Evans is in charge of Martin Currie s 370m Asia Pacific fund. Evans employs a flexible, pragmatic investment approach, with stock selection representing 60 to 70% of the active risk in the fund. He takes true conviction positions, going as far as 5% away from the benchmark and has no long term bias to any one style. Evans, working alongside Jason McCay, takes meaningful regional, sector and stock positions, exploiting strong preferences against the consensus, meeting over 500 companies a year. He has a strong buy discipline, deciding what position to take in a stock depending on his level of conviction, the expected rate of return and the effect on the overall portfolio sector and style disciplines. A graduate in Oriental studies from the University of Oxford, the Chartered Financial Analyst started his career at the Bank of Japan in Tokyo before working on a variety of investment desks at houses including Gartmore, Charlemagne Capital before joining Martin Currie in Evans is also a director at the company. Richard Sneller was born in 1972 and obtained a BSc and an MSc in statistics and investment analysis from the London School of Economics and the University of Stirling respectively. He has 13 years experience as a fund manager. He joined Baillie Gifford in 1994 and is currently fund manager of the 886 million Baillie Gifford Emerging Markets Growth fund. Lloyd applies a bottom-up, growth approach for his funds and says the outlook for 2008 is not quite as rosy as it has been in recent years, thanks to the downturn in a number of Western economies forecasted by economic commentators. However, with strong earnings growth driven by domestic demand and reasonable valuations, he believes a further year of progress by Emerging Markets stockmarkets could be possible. Brazilian oil procucer Petrobras at 5.7% and Russia s Gazprom at 3.5% currently top his fund selection.

69 For the latest factsheets on all managers featured in the Top 100, visit uu 69 98, 99, 100 Iain Eytan 98 Stewart 99 Shapiro 100 Chris O Hare Newton Absolute Intrepid, Newton Balanced BNY Mellon Asset Management JPM US Smaller Companies JP Morgan Asset Management Investec Monthly High Income Investec One fund manager to come to the fore during last year s market volatility was Newton s veteran Iain Stewart, who is known for his cautious and disciplined approach. Stewart runs the firm s 331 million Absolute Intrepid fund in the Active Managed sector and the flagship 1.04 billion Newton Balanced fund in the Balanced Managed area, which has a greater focus on downside protection. Stewart has been with the group since 1985 as an investment manager after completing a doctorate with the Ministry of Agriculture, Fisheries and Food. He is currently a senior member of Newton s strategy team and has responsibility for the development of global investment themes at the top-down thematic investment house. Stewart has achieved outperformance more recently by moving the Absolute Intrepid fund away from zero weighted bonds and putting a greater emphasis on Asian equities. Eytan Shapiro obtained a BSc in economics from City University, London and an MPhil in economics from Oxford University. He has 17 years of portfolio management experience. Shapiro started his career as an investment analyst at Philips & Drews in London. He joined JP Morgan in 1985 and is portfolio manager in the US Equity. He is responsible for managing the JPM US Smaller Companies fund. Shapiro focuses on a fundamental strategy that employs a bottom-up stock selection process by investing in high quality growth companies. Technology, healthcare and consumer discretionary stocks are heavily featured in his portfolio, with Verifone, General Cable and Adams Respiratory among his top 10 holdings. He is a member of both the New York Society of Security Analysts and the Association for Investment Management and Research and is a Certified Financial Analyst charter holder. Chris O Hare is a portfolio manager and credit analyst specialising in high yield. He joined Investec Asset Management in early 2001 as a credit analyst, having previously been a co-manager of the insurance companies portfolios in sterling, US & Canadian dollars run by the sterling business team. He originally started work at Plough Court Fund Management in 1995 which, through a number of acquisitions eventually became part of the sterling business team at Investec Asset Management. The fund s objective is to provide investors with a high income, paid monthly, primarily through investment in highly rated and high yield bonds from around the world. The portfolio is actively managed to minimise any currency risk in Sterling. O Hare graduated from Cambridge University with an Honours degree in management studies and natural sciences in 1994.

70 > Yes, the Citywire website was voted the best for top Financial Advisers and Fund Selectors in 2005, 2006 and 2007*. But we are never complacent. We ve been doing a lot of research among our users. We have found what you like, what you don t like and what could be improved. And we made the changes you want. For a start, there are now separate sections dedicated to different audiences, with content that s entirely relevant to you and your particular business it s no longer tangled up with material aimed at other audiences. We will still be first with the news and have more in-depth analysis. But, on top, you can now see the performance of all individual fund managers, not just the top performers. Our fund data now includes daily price updates. We ve also added market cap bias and investment-style data enabling you to understand where the manager is really investing. Our fund and fund manager tools have been up-graded so, for instance, you can now analyse consistency and performance across multiple sectors and time periods. You can print out fact sheets, league tables and comparisons to support your recommendations and impress clients. And, yes, you can have bespoke alerts for the news that matters most to you. And it s all Blackberry compatible so you can keep in touch while on the move. We still have our much-liked blogs (and now videos) and expert columns so you can learn from others, pick up ideas and join in the debate. How much more does this cost? Nothing! Everything is now absolutely free. New website goes live on 3rd March * Source: PIMS UK 2005, 2006 & 2007 Readership Survey

71 71 For the latest factsheets on all managers featured in the Top 100, visit uu Index by fund manager Fund Manager Citywire Rating Position Page No Fund Manager Citywire Rating Position Page No Adams, Stephen A 13 AEGON 26 Klahr, Leonard 82 Old Mutual 63 Andrews, Jane 64 Smith & Williamson 57 Knott, Simon 69 Discretionary 59 Baker, John A 14 JP Morgan 26 Laing, Simon 76 BNY Mellon Asset Management 61 Banyard, Rosemary A 45 Schroders 51 Lander, Tracey 70 Old Mutual 59 Barber, Jonathan 51 Threadneedle 53 Lau, Martin A 31 First State 44 Bignell, Adrian 81 Invesco Perpetual 63 Liu, Allan A 10 Fidelity 25 Birch, Graham A 8 BlackRock 24 Lloyd, Ben 85 Baillie Gifford 64 Bradbury, Ashton A 21 Old Mutual 40 Luk, Henrietta 90 Dalton Strategic Partnership 66 Breedon, Mark 78 Investec 62 MacDonald, Lucy 58 Allianz 56 Brittain, Georgina A 3 JP Morgan 19 Marriage, Paul A 12 Cazenove 34 Buckley, James 59 Baring 56 McCay, Jason 95 Martin Currie 68 Burnett, Rob 53 Neptune 55 McCoy, Wesley 77 Standard Life Investments 62 Butler, Curtis A 5 Legg Mason 20 McLean, Colin A 37 SVM 45 Buxton, Richard 49 Schroders 52 McVeigh, Ian 60 Jupiter 56 Calvert, William 65 AXA Framlington 58 Monson, Guy A 18 Sarasin 38 Campbell, Jim A 40 JP Morgan 47 Nickols, Daniel A 4 Old Mutual 20 Clark, David A 2 Resolution 18 Nimmo, Harry A 1 Standard Life Investments 17 Clay, Nick A 23 BNY Mellon Asset Management 41 Norris, Barry 87 Resolution 65 Collins, Philip 92 BNY Mellon Asset Management 67 O Hare, Chris 100 Investec 69 Conte, Francesco A 40 JP Morgan 47 O Gorman, Stuart A 33 Henderson Global Investors 44 Crawford, Andrew A 11 Threadneedle 35 Oliver, Charles 91 Smith & Williamson 66 Dalrymple, Andrew A 27 Aubrey Capital 42 Paton, Geoffrey A 33 Henderson Global Investors 44 de Blonay, Guy A 7 New Star 23 Peirson, Richard 74 AXA Framlington 61 Dobell, Thomas A 26 M&G 42 Podger, Jeremy 71 Threadneedle 60 Docherty, Stephen 52 Aberdeen 53 Prasad, Ray A 5 Legg Mason 22 Dodd, John 57 Artemis 55 Pulling, Edward A 22 JP Morgan 40 Donegan, Vanessa A 17 Threadneedle 38 Ralph, Alex 72 Artemis 60 Douglas, Mervyn 86 Norwich Union 65 Reed, Brenda 84 Fidelity 64 Evans, Richard 95 Martin Currie 68 Rogan, Neil A 29 Gartmore 43 Farrell, Aidan A 25 Insight Investment 41 Ryan, Audrey A 35 AEGON 45 Felton, Michael 94 M&G 67 Saacke, Peter 68 Artemis 59 Fieldsend, Jonathan 55 EPIC 26 Sekon, Manraj 83 Henderson Global Investors 64 Foster, James 72 Artemis 60 Shapiro, Eytan 99 JP Morgan 69 Frost, Adrian 66 Artemis 58 Sharp, Stuart 62 Rensburg 57 Geffen, Robin 47 Neptune 30 Shaw, Simon 55 EPIC 26 Gibbs, Philip A 30 Jupiter 43 Smart, Ian A 16 Lazard 35 Gosden, Adrian 66 Artemis 58 Smith, Aled 48 M&G 52 Guinness, Tim A 42 Guinness Asset Management 48 Smith, Gerald 63 Baillie Gifford 31 Hammerson, Rory 54 SWIP 55 Smith, Richard A 28 Invesco Perpetual 43 Hanbury, Daniel A 9 River & Mercantile 24 Sneller, Richard 97 Baillie Gifford 68 Harrison, Leigh 50 Threadneedle 53 Stewart, Iain 98 BNY Mellon Asset Management 69 Henderson, Ian 93 JP Morgan 67 Talbot Rice, Harry A 18 Sarasin 38 Hepworth, Robin 61 Allchurches 57 Thomas, Charlie A 36 Jupiter 45 Heron, Craig 88 New Star 65 Thomson, James A 39 Rathbone 47 Herring, Malcolm A 24 Baring 41 Walker, Tom A 38 Martin Currie 28 Holliman, Andrew 89 Threadneedle 66 Weldon, Cormac 79 Threadneedle 62 Ingram, Jonathan 75 JP Morgan 61 White, Christopher A 15 Threadneedle 35 Jane, David A 20 M&G 40 Wintle, Felix A 44 Neptune 48 Jones, Jenny A 43 Schroders 48 Woodford, Neil A 32 Invesco Perpetual 28 Kerr, Jacqueline 46 Standard Life Investments 51 Yeadon, Andrew 80 Schroders 63 Citywire Funds Insider is published by Citywire Financial Publishers Ltd. 1st Floor, 87 Vauxhall Walk, London SE11 5HJ. Tel: Fax: [email protected] Printed by Printech Europe Limited. Distributed by Data Run Copyright of this material is owned by Citywire Financial Publishers Ltd ( Citywire ). No part of this material may be copied, reproduced, distributed, stored or adapted in any form or by any means without Citywire s prior written consent. Unauthorised copying, reproduction, distribution, storage or adaptation of any part of this material is in breach of the Copyright, Design and Patents Act 1997 and may give rise to civil damages and criminal penalties. Citywire Funds Insider is a trademark of Citywire Financial Publishers Ltd. Reproduction of the Citywire Funds Insider database is also subject to the Copyrights and Rights in Databases Regulations All material in Citywire Funds Insider has been issued by Citywire Financial Publishers Ltd ( Citywire ) 1st Floor, 87 Vauxhall Walk, London SE11 5HJ. Citywire Funds Insider is directed at persons having professional experience in matters relating to investments and any investments or investment activity with which it deals should only be used by such persons or investment professionals. Persons who do not have professional experience in participating in unregulated collective investment schemes should not rely on material relating to such schemes. Material contained in this publication is for general information only. No advertisement or advice given amounts to a personal recommendation. Individual circumstances vary and you should seek your own advice on the suitability to you of any investment or investment techniques that may be mentioned. Citywire does not accept any liability for any loss suffered by any reader as a result of such a decision. Persons associated with or employed by Citywire may hold positions or take positions in investments referred to in this publication. Citywire operates a policy of independence in relation to matters where the operators may have a material interest or conflict of interest. Unregulated collective investment schemes are not available to private customers. Citywire is authorised and regulated by the Financial Services Authority to provide investment advice and is bound by its rules. Registered office of Citywire Financial Publishers Ltd. 1st Floor 87 Vauxhall Walk, London SE11 5HJ. Citywire Financial Publishers Ltd 2008

72 SMALL IS BEAUTIFUL 174 % Growth in 5 years* UK Smaller Companies Fund Using a robust and proven process that delivers results, Harry Nimmo and our UK smaller companies team have consistently delivered outstanding returns to investors, placing it in the top quartile over 3, 5 and 10 years*. Managed since launch by Citywire A rated Fund Manager, Harry Nimmo A rated by OBSR and rated by Standard & Poors Tapping the potential of tomorrow s larger companies today For more information, speak to your Standard Life consultant or visit, Past performance is not a guide to future returns. The value of investments can fall as well as rise and you may get back less than you invested. *Source: Morningstar, bid to bid, all periods to 1 Feb Standard Life Investments Limited, tel , a company registered in Scotland (SC123321) Registered Office 1 George Street Edinburgh EH2 2LL. The Standard Life Investments group includes Standard Life Investments (Mutual Funds) Limited, SLTM Limited, Standard Life Investments (Corporate Funds) Limited and SL Capital Partners LLP. Standard Life Investments Limited acts as Investment Manager for Standard Life Assurance Limited and Standard Life Pension Funds Limited. Standard Life Investments may record and monitor telephone calls to help improve customer service. All companies are authorised and regulated by the Financial Services Authority Standard Life Investments