In the 12 month period to 31 December 2013 Cavendish Asset Management (CAM) increased its fund under management by some 42.75 per cent to GBP1.16bn, during which time the FTSE100 grew by 11.67 per cent.
Cronan MacMahon, sales and marketing director, says: “The start of 2013 showed very little change in advisers and their clients desire to move into equities but as the year progressed the mood changed and by the summer demand increased considerably and continued to do so for the rest of the year.
“As a result in 12 months Cavendish has seen its funds under management grow by over 40 per cent to well in excess of GBP1bn and the company emerge from the boutique status it was previous associated with.”
CAM’s four UK funds under management have grown in FUM by 48 per cent despite the FTSE100 still being range bound in the mid 6,000s. In particular The AIM Fund grew by 65 per cent to GBP30.6m and the Opportunities Fund by 62 per cent to GBP115.7m. The Select Fund grew by 36 per cent to GBP74.4m and the Balanced Income Fund by 26 per cent to GBP33.7m.
During the year two of the funds breached the GBP100m mark, the Opportunities Fund run by Paul Mumford, and the Asia Pacific Fund (GBP104.8) run by Liz Evans. The Worldwide Fund run by Julian Lewis has attracted strong interest too growing by 45 per cent to GBP98.1m.
CAM’s other funds also attracted a significant investment with the European Fund increasing by 68 to GBP60.2m, the Technology Fund by 32 per cent to GBP25.6m, the US Fund by 48 per cent to GBP71.1m, and the Japan Fund by 73 per cent to GBP25.4m, assisted in particular by a surge in their equity markets after years of stagnation.
MacMahon says: “Performance for the fund range has been good. In the second half of 2013, sales picked up strongly and we saw good inflows particularly across the Opportunities, AIM, and UK Balanced Income funds.
“Also during 2013 Cavendish completed the range of platforms that its funds are available on, adding Fidelity in August and Co-Funds in December. Clearly the impact of adding these highly influential platforms to our distribution will not be seen until this year but we anticipate that it will be significant.
“Overall, we are looking forward to further significant growth in the New Year.”