UK – Northern Trust Global Investments has added AllianceBernstein to the roster of managers overseeing the £270m (€442.5m) UK equity fund of its multi-manager pooled funds.
AllianceBernstein was appointed because of its deep value management style and will fill a slot left vacant by Abbey National, who were taken out to allow the fund to be rebalanced.
Amit Popat, head of UK sales and marketing at Northern Trust says their strategy is to keep a neutral style in the UK portfolio. “We found that the combination of Abbey National alongside some of our other existing managers led to a tilt towards the growth side. AllianceBernstein use a value style and this will help rebalance the portfolio naturally,” he says.
AllianceBernstein’s Sharon Fay will manage its portion of the portfolio from London and will be supported by seven sector analysts.
AllianceBernstein’s deep value style means its analysts look for unrecognised value in companies instead of using just share prices, using a bottom up research methodology
AllianceBernstein joins the fund’s core manager Mirabaud, as well as Jupiter and SG Asset Management in the UK equity fund. Says Popat: “we have an ongoing manager review process. Though there are no imminent changes to announce at the moment, changers in the future are inevitable, as the funds’ requirements evolve.”