Liverpool-based fund management firm Seneca Investment Managers has received FCA approval for the renaming of its two open-ended funds.
The CF Miton Diversified Growth Fund is now the CF Seneca Diversified Growth Fund, and the CF Miton Distribution Fund is now the CF Seneca Diversified Income Fund.
The changes were instigated to reflect the association to the newly-named fund manager (previously Miton Capital Partners) and as part of a more consistent branding and reflection of the common multi-asset investment style and approach across the fund range. The two funds are valued at circa GBP300m.
Seneca Investment Managers was acquired on 31 March 2014 by Seneca Asset Managers, which was launched in 2013 by several founding members of the Seneca Partners group.
The firm intends to conduct a full review of packaging and promotional strategy, as part of a programme to raise the profile of both funds and deliver sustained growth for both the company and investors.
Since the acquisition of Miton Capital Partners was unveiled in January, Seneca IM has appointed David Warnock as chairman, while Jon Moulton – the founder of Better Capital – has acquired a significant minority shareholding in the new company.
Seneca Investment Managers also manages the globally diversified multi-asset Midas Income & Growth Investment Trust and a number of segregated mandates.
Alex Dymock, director, Seneca Investment Managers, says: “The renaming of our two OEICs is about more than a straight swap of the asset manager badge. It’s also a reflection of the subtle, but we believe highly beneficial, adjustments being made to the product packaging and marketing strategy at Seneca Investment Managers.
“We inherited a successful and highly capable fund management team with the acquisition of Miton Capital Partners, and we are now building on that success to turn the funds into watchwords for stability and reliability. Our two OEICs hold a diverse range of assets – with one aimed primarily at delivering consistent growth and the other at producing a reliable income stream.
“The Seneca Partners companies offer a range of investment services to the UK’s high net worth community, and with the creation of Seneca Investment Managers we are broadening our appeal to become a national player within the fund management sector too.”
