Lloyds investment arm is best offshore manager

Lloyds Investment Fund Managers this week claimed the Raging Bull Award for the top-performing manager of offshore funds approved for local investors for the second year in a row.

The Jersey-based manager received the award on the basis of its average PlexCrown Rating of 4.37 – out of a maximum of five PlexCrowns – for its seven offshore funds available to South African investors.

The runners-up among the managers of foreign-domiciled foreign-currency-denominated funds were both South African companies with offshore funds: Oasis achieved an average PlexCrown rating of 4.125, while Stanlib was placed third with an average offshore rating of 3.972 PlexCrowns.

The Lloyds funds that are available to South Africans include the European Fund, an equity fund invested in Europe; the Multi Strategy (Growth Strategy) Fund, a global asset allocation fund; three global equity general funds, the Multi Strategy (Aggressive Strategy) Fund, the Multi Strategy (Global US$ Growth Strategy) Fund and the International Fund; the High Income Fund, a global fixed interest bond fund, and the North American Fund, an equity fund invested in the US.

The Multi Strategy (Growth Strategy) Fund and the High Income Fund each obtained the highest PlexCrown rating of five PlexCrowns. The Multi Strategy (Aggressive Strategy) Fund obtained four PlexCrowns and the other funds obtained three PlexCrowns each.

Relative to the average PlexCrown ratings of its peer Financial Services Board-approved offshore managers obtained in various sectors, Lloyds was ranked first for its management of its global fixed interest fund and joint first with Investec, for the management of its global asset allocation fund.

Lloyds Investment Fund Managers is part of the Lloyds Banking Group, which was formed in 2009 following the merger between Lloyds TSB and the Bank of Scotland.

Lloyds Investment Fund Managers had assets under management totalling £869million (about R15 989 million) at the end of last year.

Lloyds delegates its investment management responsibilities to expert, specialist investment management groups, including Russell Investment Group and the Scottish Widows Investment Partnership.

To qualify for consideration for the award, offshore fund managers must have at least three funds registered with the FSB as funds suitable for South African investors. These funds must have been registered with the FSB for at least three years and must qualify for inclusion in the PlexCrown Ratings.

Runner-up Oasis has four offshore funds domiciled in Ireland. Its Crescent Global Equity Fund obtained four PlexCrowns, while its Global Equity Fund obtained three PlexCrowns.

Oasis’s Crescent Global Income Fund obtained four PlexCrowns while its Crescent Global Property Equity Fund obtained five PlexCrowns.

Oasis was the leading manager among its peers on average PlexCrown ratings for real estate funds and was second among its peers for the management of its income fund.

Third-placed Stanlib has seven offshore funds that qualify for a PlexCrown rating.

Its Global Bond Fund obtained five PlexCrowns and two other funds achieved ratings of four PlexCrowns. The other four got three PlexCrowns each.

Stanlib’s main achievement was first place relative to its peers for its global bond fund.

Offshore company rankings according to PlexCrown ratings to December 31, 2013

1. Lloyds 4.370

2. Oasis 4.125

3. Stanlib 3.972

4. Franklin Templeton 3.261

5. Momentum 3.250

6. Investment Solutions 3.167

7. Investec 3.130

8. Prescient 3.000

9. Orbis 2.750

10. PSG 2.667

11. Nedgroup Investments International 2.500

11. M&G 2.500

13. Ashburton 2.375

14. Sanlam 1.333

Source: PlexCrown Fund Ratings

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