Boutique wealth and fund manager Tyndall Investment Management (Tyndall) confirms that it has been appointed as the investment adviser to the VT Downing European Unconstrained Income Fund (the Fund). In addition, the Fund’s co-managers, Mike Clements and Pras Jeyanandhan, have joined Tyndall and will continue to run the strategy.
The intention is for the Fund to be renamed the VT Tyndall European Unconstrained Fund in due course, pending regulatory approval. However, there will be no change to its management team, philosophy or investment process as a result of the transfer.
Launched in December 2020, the £36.26m* VT Downing European Unconstrained Income Fund is a concentrated portfolio of between 30 and 40 holdings. Its managers aim to deliver a combination of income and capital growth by investing in high quality European companies that they believe have a long-term enduring competitive advantage. At point of entry, firms will be trading at what the managers deem to be attractive valuations, either because they are out of favour over the short term or have been overlooked by other investors.
With more than 20 years’ investment experience, over half of which have been focused on running European equity portfolios, Mike Clements has been the co-manager of the VT Downing European Unconstrained Income fund alongside Pras Jeyanandhan since launch in 2020. Mike’s previous roles include as manager of the £3bn Franklin European Growth Fund whilst at Franklin Templeton Investments, and head of European equities at Syz Asset Management.
Pras has 13 years’ investment experience and, prior to joining Downing, he worked with Mike at Syz Asset Management as co-manager of the Oyster European Opportunities fund. He was previously an equity analyst at Berenberg Bank and before that a strategy analyst at HSBC.
Alex Odd, Tyndall’s CEO, said, “The transfer of the VT Downing European Unconstrained Income fund to Tyndall is an important milestone in the firm’s organic growth strategy, broadening our investment proposition while attracting top talent from across the industry. Both Mike and Pras are highly regarded investment professionals with an excellent track-record in managing European equity portfolios. Importantly, they share the philosophy that runs through all we do at Tyndall; namely, that investors are best served by high-conviction, active asset management. As such, they will be an excellent fit within our broader team.”
Judith MacKenzie, Head of Downing Fund Managers, said, “Since its launch in 2017, Tyndall has demonstrated a clear commitment to delivering long-term investment excellence across all areas of its operations. We are therefore fully confident that investors in the VT Downing European Unconstrained Income Fund will enjoy continuity in its managers’ proven process within a growing investment boutique that is synonymous with high-quality, active fund management.”
