The board of the Genesis Emerging Markets fund’s decision to appoint Fidelity International as the new investment manager is a proof point of trusts' increasing appetite to market to retail investors as their previously institutional buyers start to dissipate, commentators told Investment Week.
Yesterday (1 July), the board of the £1.2bn Genesis EM trust said the company will transition to Fidelity in September, pending shareholder approval. Nick Greenwood, manager of Miton Global Opportunities, said the decision was "typical of the sector's decisions at the time". He characterised the incumbent managers, Genesis Investment, as "low profile", "with limited marketing" and "very institutional". The sector is "moving on" from institutional investors and wealth manager focus to self-directed retail investor, according to Greenwood. However, the Genesis trust had remained firm...
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