Investment Philosophy Principle 2 – Knowledge, Experience & Resources Matter
It goes without saying that experience and skill are essential qualities in fund managers. However, it is even more important that the managers are sufficiently resourced with people who can provide mission critical information within the window of opportunity to mitigate losses or capture gains. Clearly this will take deep financial resources and economies of scale to deliver this level of governance at a reasonable charge. The tables below set out the teams we employ through the selected investment funds in our cautious portfolio.
HSBC Global Strategy Portfolios
Jean-Charles Bertrand – Global CIO, Multi-Asset at HSBC Global Asset Management.
The previous positions held by Jean-Charles included Director of Investments and Managing Director of Sinopia Asset Management. Jean-Charles joined HSBC in 1994 and has been in the financial industry for more than 20 years. He graduated from the Ecole Supérieure des Sciences Economiques et Commerciales (France) and holds a post graduate degree in Applied Probability from the Paris VI University (France). Jean-Charles is a lecturer and an Affiliate Professor at HEC, a premier business school in France, and also a lecturer at Université Paris-Dauphine.
Kate Morrissey, Head of World Selection and Global Strategy, Lead Portfolio Manager
Kate is Head of World Selection and Global Strategy in the UK Multi-Asset team within HSBC Global Asset Management in London and has been working in the financial industry since 1999. In addition to managing the World Selection team, Kate is the lead portfolio manager of the World Selection and Global Strategy Portfolios. Prior to assuming her current role, Kate was a rates portfolio manager in the Global Bond team. Before that, she ran fixed income services within Discretionary Wealth Management. She holds a BSc Biological Sciences (Hons) degree from the University of Bristol (UK) and is a CFA charterholder and an Affiliate of the Securities Institute.
Nick McLoughlin, Senior Portfolio Manager
Prior to joining the team in June 2020, Nick worked as an investment strategist in the Global Investment Strategy team within HSBC Global Asset Management in London and has been working in the financial industry since 2011. Nick was responsible for tactical and strategic asset allocation and multi-asset research. Prior to joining HSBC in January 2018, Nick was part of the Allocation Strategies group at Norges Bank Investment Management in London. Nick holds a Double First in Mathematics from the University of Cambridge (UK) and a Masters in Management from the Cambridge Judge Business School (UK). He is a CFA charterholder.
Arthur Chevalier, Investment Analyst
Arthur is an investment analyst in the UK Multi-Asset team within HSBC Global Asset Management in London and has been working in the financial industry since 2014. Arthur is responsible for assisting portfolio managers on the World Selection and Global Strategy fund ranges. Arthur holds a master’s degree (Hons) in management from NEOMA Business School (France) and is a CFA charterholder.
Global Research Team
The managers above receive their analysis from the deep resources of HSBC’s 87 strong regional teams of analysts & economists. The following is a headcount by region as they are too numerous to list by name:
| North America | 4 |
| South America | 5 |
| Europe (Excluding UK) | 47 |
| UK | 20 |
| Asia | 11 |
Legal & General Multi-Index Portfolios
Emiel van den Heiligenberg – Head of Asset Allocation
Prior to joining BNP Paribas, he worked as a portfolio manager at ING Investment management, joining the company after working as a policy adviser in the Dutch Ministry of Finance. Emiel graduated from Tilburg University with a master’s degree in economics and holds a postgraduate qualification from VBA/EFFAS (the European Federation of Financial Analysts Societies).
Head of Multi-Asset Fund
John Roe – Until late 2016, John was also a director of Legal & General Assurance (Pensions Management) Limited. Prior to joining LGIM, John worked in insurance advisory at Royal Bank of Scotland and Tillinghast Towers Perrin. He is a fellow of the Institute of Actuaries and has a first class BSc in economics and econometrics from the University of Nottingham.
Fund Managers
| Justin Onuekwusi | Chartered Financial Analyst (CFA), BSc economics, Investment Management Certificate. |
| Andrzej Pioch | CFA, MSc (Finance) Bocconi University, Milan, BSc economics and social science (Utrecht). |
| Francis Chua | CFA, Chartered Enterprise Risk Actuary (CERA). |
Macro Economic Research
Team of 5 economists/strategists.
Investment Research & Strategy
Team of 7 economists/strategists.
Multi -Asset Funds
Team of 15 analysts supporting the three fund managers.
Risk Oversight, Compliance and Internal Audit
Team of 8 headed by Simon Pistell.
Standard Life Myfolio Portfolios
Katie Trowsdale, Fund Manager
Katie joined Standard Life Investments in 2011 as a fund manager and analyst. Prior to this, she was an analyst for the Gartmore fund of funds team, which she joined in 2007. Previously, she was involved with private client portfolio and fund of fund management at Kleinwort Benson Private Bank and Heartwood Wealth, after joining as a graduate trainee in 2000. She has a BSc in economics and management with German from Southampton University and was an Erasmus student at the Goethe Institute, Frankfurt. She is co-manager of the MyFolio Managed and MyFolio Multi-Manager (growth) funds.
Joe Wiggins, Fund Manager
Joe also joined Standard life Investments in 2011. He is co-manager on the MyFolio Market Range. Prior to joining Standard, he worked at Stamford Associates where he was an investment analyst, responsible for conducting manager research and advising major clients on investment strategy. Previously, he worked for Principal Investment Management, where he managed private client portfolios and fund of funds. He graduated with an MSc, in Behavioural Science from the London School of Economics and is a CFA Charterholder.
Rob Bowie, Fund Manager
Rob joined Aberdeen Asset Management in 2009 following the acquisition of certain asset management businesses from Credit Suisse Asset Management. Rob joined Credit Suisse in 2005 and worked in the Private Banking Portfolio Management Team before joining the Multi-Manager team in March 2007. Prior to joining Credit Suisse Rob worked at Artemis Premier Funds, ABN AMRO and Singer & Friedlander. Rob graduated with BEng (Hons) Engineering with Business Studies from Queen Mary College, University of London.
Mark Lane, Fund Manager
Mark joined Standard Life Investments in 2014. He started his career at Bestinvest Brokers and during this time he was the primary analyst for UK Income, Japanese Equities, European Equities, Commodities, VCTs and was part of a team which managed Multi Asset and MPS portfolios. Mark has an MA from Trinity College Dublin in History and is a CFA Charterholder.
Multi-Manager Strategies Team (MMT)
The fund managers are supported by the wider Multi-Manager Strategies team which also includes:
| Simon Wood | Head of Research |
| Dee Jones | Head of Investment Platform, Multi-Manager Strategies |
| Lyndon Gill | Senior Investment Manager |
| Matthew Webber | Senior Investment Manager |
| Rickey Thevakarrunai | Senior Investment Analyst |
| Daniel Reynolds | Senior Investment Analyst |
| Matthew Wiles | Senior Investment Analyst |
| Matt Shaw | Investment Analyst |
| Feryal Bensalah | Senior Portfolio Management & Research Assistant |
| Prince Ehigiator | Assistant Investment Analyst |
| Wilma Rensburg | Senior Portfolio Management & Research Assistant |
Multi-Asset Solutions (MAS) team
In addition to the Multi-Manager Strategies team the tactical asset allocation within the funds is undertaken by the Aberdeen Standard Investments Multi-Asset Solutions (MAS) team.
Vanguard LifeStrategy portfolios
The Strategic Asset Allocation Committee (SAAC)
The SAA is responsible for conducting an ongoing review and analysis of the investment methodology for Vanguard’s LifeStrategy funds.
Joe Davis, Ph.D., Global Chief Economist (Chair)
Joe frequently presents at investment forums and has published studies on a variety of macroeconomic and investment topics in leading academic journals and earned a Ph.D. in economics at Duke University.
Roger Aliaga-Diaz, Ph.D., Head of Vanguard Capital (Markets Model)
Roger is a principal and senior economist with Vanguard Investment Strategy Group whose areas of expertise include monetary policy and global financial markets. He has published studies on investment and macroeconomic issues and presented his research to the board of governors of the Federal Reserve System, the American Enterprise Institute for Public Policy Research, and the American Economic Association. Before joining Vanguard in 2007, Mr. Aliaga-Díaz was a visiting professor of macroeconomics at Drexel University’s LeBow College of Business. He earned a Ph.D. in economics from North Carolina State University and a B.A. in economics from Universidad Nacional de Córdoba, Argentina.
Greg Davis, CFA (ex-officio) Global Chief Investment Officer
Greg is Vanguard’s chief investment officer, responsible for the oversight of approximately $4 trillion managed by Vanguard Fixed Income, Equity Index, and Quantitative Equity Groups. He is a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. Greg earned a B.S. in insurance from The Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania. He is a CFA® charterholder and a member of the CFA Society of Philadelphia.
Tim Buckley, CEO
Tim is also a long-tenured member of Vanguard’s Global Investment Committee, which has oversight responsibilities for Vanguard’s in-house equity and fixed income management functions. Mr Buckley earned a degree in economics from Harvard in 1991 and a master’s degree in business from Harvard Business School in 1996.
Other members of the SAAC
| Matthew Brancato, CFA, CPA | Head of Portfolio Review |
| Fran Kinniry, CFA | Head of Portfolio Construction |
| James Martielli, CFA | Head of Defined Contribution Advisory Services |
| Daniel Reyes, CFA | Head of Investments, Asia-Pacific |
| Paul Jakubowski | Global Head of Fixed Income Indexing Head of Investments, Europe |
| Manish Nagar | Head of Risk Management Group |
| Rodney Comegys | Head of Equity Index Group |