Valletta Fund Management has terminated the appointment of Insight Investment as sub-investment manager of the Vilhena Global Themed Fund, according to a letter sent to shareholders in December.
VFM has appointed J O Hambro Investment Management Limited of London in its stead.
Shareholders were informed Insight’s role was terminated following the takeover of Insight Investment by Bank of New York Mellon and a subsequent restructuring within Insight.
BNY Mellon acquired Insight Investment in August 2009. Valletta Fund Management is jointly owned by Bank of Valletta and Insight Investment.
VFM said that with Insight Investment, it held meetings with a number of asset management companies, and J O Hambro was appointed following a selection process. The change has been approved by Vilhena Funds Sicav plc’s board and the Malta Financial Services Authority.
A Credit Suisse company, J O Hambro was originally founded by the Hambro family in 1986. Assets under management have since grown to more than £3 billion.
A new investment policy also came into effect for the fund yesterday which has been reflected in the company’s prospectus. Originally the sub-investment manager had to invest in a portfolio of stocks ranging from 80 to 160 stocks. There will now be a gradual transition to a diversified portfolio of no fewer than 35 stocks to enable the sub-investment manager to focus on a more concentrated, diversified list of stocks, VFM said.