The Investment Adviser 100 Club’s three group categories have once again shown more consistency than the 17 asset class selections, with multiple returning names.
In Large Investment Group, both Schroders and JPMorgan Asset Management (JPMAM) make repeat appearances: the latter has now been a member for three years in a row. But last year’s winner, BlackRock, does not make the grade in 2017, with its number of member funds falling from two to one.
Schroders leads the way with seven member funds, matching the record number achieved by JPMAM in 2015. It is followed by Baillie Gifford with six funds, and Janus Henderson with five. Henderson was part of the Small to Mid Investment Group category in 2015, but qualifies for the larger grouping this year by virtue of its merger with Janus to create a £245bn asset manager.
JPMAM has three portfolios included, while Invesco Perpetual has two, and the latter returns to the list for the first time since 2014. The Henley firm makes the cut over peers, having two member funds by virtue of the better relative performance of its portfolios.
BlackRock, Fidelity and Axa Investment Managers have made way for the new entrants in the Large Investment Group category. But Baillie Gifford’s return was less of a surprise, with 2016 the only year it has not been included in the 100 Club since the awards began in 2012.
There is also some consistency in the Small to Mid Investment Group category, defined as those businesses whose group assets under management stand at less than £100bn.
Last year’s winner, Old Mutual Global Investors, returns with three portfolios, the most in this category, and Royal London Asset Management is the other repeat from 2016’s list.
Two groups make it into the 100 Club for the first time. Perhaps surprisingly, Artemis and Marlborough had never previously made the cut for standout firms. They are joined by Liontrust, which makes its first appearance since the inaugural awards in 2012. The new entrants and five-year returnee take the place of Lindsell Train, Jupiter and Troy.
Michael Lindsell’s Japanese Equity trust is one of few returning funds from 2016, but the firm’s Global Equity vehicle has dropped out this year. Jupiter saw its number of funds fall from four to two, while last year’s UK Equity Income winner, Troy, has no funds in the 2017 100 Club.
In the Passive Investment Group, whose members are chosen by a range of multi-asset managers, there are repeat appearances for Fidelity, iShares, last year’s winner SPDR and Vanguard. With BlackRock having rebranded its mainstream index funds as iShares products last month, the asset management giant no longer qualifies for the category. In its place is another tracker provider, L&G, which returns for the first time since 2015.
dan.jones@ft.com
