Emerging markets specialist Robert Lloyd George provides yet another example of the tendency for veteran fund managers to form new companies rather than dying or fading away.
He now oversees Hong Kong-based Lloyd George Management, his second investment management venture, which was launched in 2015, one year after his “retirement” in 2014.
Eton and Oxford University-educated Mr Lloyd George, the great grandson of David Lloyd-George, a former British Prime Minister, started his career in financial markets back in 1974 with Coutts.
In the next 40 years until his first retirement he worked at a plethora of companies including Fiduciary Trust (now a component of Franklin Templeman) and Indosuez Asia Investment Services before launching Hong Kong-based Lloyd George Asset Management in 1991.
Backed by two private banks in the form of Geneva-based Mirabaud and Cologne-based Sal Oppenheim along with Eaton Vance, a Boston Massachusetts-based investment manager Lloyd George Asset Management grew rapidly.
It also spawned at least one offshoot in the form of Somerset Capital Management, the London-based emerging markets specialist formed in 2007 by leading Brexiteer Jacob Rees-Mogg and Dominic Johnson, two of Mr Lloyd George’s employees.
In 2011 Mr Lloyd George sold his company to Bank of Montreal for an unspecified sum but continued to work for it until 2014 and his “retirement”. The next year he launched Lloyd George Management (HK) along with a number of former colleagues.
Lloyd George currently offers investors the Bamboo Asia Fund and the Indian Ocean Fund, two commingled vehicles as well as a managed account service for family offices and other professional investors.
It also has a distribution agreement with Geneva-based Quaero Capital.
The Bamboo Asia Fund, which can be accessed via a Quaero Capital Luxembourg-based UCITS and a Delaware limited partnership, is a long-only thematically based fund that aims to generate annualised returns of 12 percent by investing in a concentrated portfolio of between 25 to 35 shares in south-east and east Asia.
This places much emphasis on the stock picking and the bottom-up analytical and research capabilities of Lloyd George Management, one of the firm’s defining attributes.
The themes currently being followed by the fund include tourism, wealth management and the internet.
For the three years to 28 September the fund had produced a cumulative return of 32.03 percent. Although it is down by 5.46 percent for the year-to-date it is currently outperforming its benchmark.
The Indian Ocean Fund focuses on investing in India, Pakistan, Sri Lanka, Bangladesh, Vietnam and Mauritius with a targeted annual return of 12 percent.
It can be accessed as a Cayman Fund in a US Master Feeder Structure.