Fund management companies'
average portfolio turnover

Information and breakdown of individual funds for asset management companies can be found in the report Portfolio Turnover of UK Funds from Fitzrovia, which can be ordered by clicking here.

There are two editions. They were calculated using Annual Reports and Accounts for the years 2001-2003. For a particular fund the First Edition (2002) contains data usually for only one year. The Second Edition (2003) often provides data for all three years.

The table below is Table 16 of the First Edition (92 fund management companies). There is a similar table in the Second Edition ( Table 25, 99 fund managment companies). The ranking of fund management companies in The Table in the First Edition is compared below with the ranking in the Second Edition. The fund managers ranked "00", are not in The Table in the Second Edition.

Average Portfolio Turnover by Asset Management Company
Fitzrovia Report 1st Edition

EQUITIES

Ranking
Edition
1st 2nd		 Straight Mean Portfolio
Turnover %		No. of Funds Company

01 14
02 62
03 09
04 00
05 06
06 18
07 76
08 05
09 31
10 03
11 19
12 00
13 11
14 00
15 00
16 00
17 32
18 23
19 70
20 51
21 25
22 46
23 15
24 10
25 79
26 40
27 00
28 38
29 27
30 17
31 28
32 57
33 49
34 52
35 48
36 30
37 43
38 36
39 47
40 16
41 26
42 80
43 65
44 71
45 08
46 21
47 67
48 00
49 00
50 00
51 29
52 64
53 68
54 00
55 92
56 69
57 56
58 33
59 66
60 93
61 59
62 20
63 82
64 00
65 00
66 85
67 00
68 63
69 83
70 45
71 78
72 90
73 95
74 75
75 84
76 89
77 77
78 39
79 61
80 94
81 00
82 00
83 88
84 46
85 13
86 22
87 91
88 00
89 87
90 00
91 98
92 99 		176.2%
162.2%
155.7%
141.1%
140.2%
125.1%
123.7%
109.6%
109.1%
104.4%
102.5%
101.2%
99.5%
96.9%
94.6%
87.0%
82.2%
80.7%
80.4%
80.0%
79.8%
78.3%
77.4%
76.7%
76.3%
76.0%
75.4%
74.9%
74.8%
73.7%
73.7%
72.3%
72.3%
70.5%
69.6%
69.5%
69.3%
67.0%
66.5%
66.2%
66.2%
65.3%
65.1%
63.1%
64.2%
64.1%
62.7%
61.1%
60.3%
60.1%
59.3%
59.1%
58.7%
57.8%
57.5%
57.1%
56.1%
56.0%
55.5%
55.1%
54.6%
53.4%
52.6%
51.6%
48.0%
47.8%
47.4%
47.2%
46.3%
45.9%
44.9%
42.3%
42.2%
42.1%
41.8%
41.5%
41.2%
40.5%
40.2%
40.2%
39.2%
37.8%
37.4%
36.3%
31.2%
30.4%
25.1%
25.0%
22.4%
15.0%
9.6%
7.0% 		4
2
13
3
3
17
12
3
15
12
24
3
4
10
10
11
34
8
2
3
14
10
21
13
3
7
2
8
16
24
20
7
20
9
7
19
19
31
13
5
3
3
38
25
7
9
12
12
4
21
43
11
9
3
5
3
3
13
8
32
14
6
16
10
14
3
5
2
5
11
23
2
10
8
3
19
11
5
19
10
3
2
17
7
13
2
4
6
5
2
4
2 		Artemis Unit Trust Managers
Mayflower Management
Britannic Fund Managers
Sarasin Investment Funds
Thesis Asset Management
Framlington Investment Management
Halifax
JO Hambro Capital Management
Legal & General
ISIS
Gartmore Investment Management
Exeter Asset Management
BWD Rensburg
Rothschild Asset Management
Dresdner RCM Global Investors
Edinburgh Fund Managers
Merrill Lynch
Cazenove Fund Management
Marlborough Fund Managers
TU Fund Managers
Aegon Group
Scottish Mutual
Old Mutual
First State Capital Management
Morgan Stanley Quilter
Royal London
Lloyd George Management
Credit Suisse
Fidelity Investments
Mellon Financial
Threadneedle Asset Management
St James's Place
Barings
Canada Life Management
Global Asset Management
Aberdeen Asset Managers
Standard Life Investments
INVESCO
Societe Generale
Sovereign Unit Trust Mgt.
LeggMason Group
CIS
Schroders
M&G
Henderson Global Investors
Axa
Lazard Asset Management
Govett Investment Management
Family Assurance Friendly S.
Hill Samuel
JPMorgan Fleming
Insight Investment
Rathbones
Abbey Unit Trust Managers
Tilney Investment Management
Taube Hodson Stonex
Fuji Lord Abbett
Martin Cume Management
State Street
Scottish Widows
Jupiter
Investec Asset Management
Baillie Gifford
NPI Investment Managers
Smith & Williamson
Franklin Templeton
Pearl Unit Trusts
Cavendish Unit Managers
Prudential Corporation
Capita Financial Managers
Dresdner Kleinwort
Marks & Spencer
Deutsche Bank/DWS/Deutsche
Lincoln Unit Trust Mgt.
Liontrust Asset Management
Scottish Amicable
Abbey Nationat/Inscape
Scottish Life
HSBC
F&C
Hargreaves Lansdown
Sand Aire Unit Trust Mgt.
Friends Provident
Barclays
Singer & Friedlander
Solus Investment Funds
Bank of Ireland Asset Mgt.
ABN Amro Investment Funds
MGM Unit Managers
Gerrard Investment Funds
Allchurches Investment Mgt.
Wesleyan Unit Trust Mgt.

The correlation between the (non-zero) ranks in the first two columns is r = 0.601.

Fund management companies in The Table in the First Edition but not anywhere in the Second Edition:

Dresdener RCM Global Investors
Edinburgh Global Investors
Exeter Asset Management
Family Assurance Friendly Society
Govett Investment Management
Hill Samuel
Hargreaves Landsdown
NPI Investment Management
Pearl Unit Trusts
Rothschild Asset Management
Sarasin Investment Funds
Smith and Williamson

Out of 92 fund management companies in The Table in the First Edition the above 12 are presumably no longer in business. The Family Assurance Friendly Society still exists. The headquarters is near where I live. This implies that approximately 10% of fund management companies are going out of business per annum.

Fund management companies in The Table in the First Edition and also in the Second Edition but no longer in The Table (A fund management company needs to be managing a minimum of two equity funds for inclusion in The Table.):

Abbey Unit Trust Managers
Edinburgh Fund Managers
Exeter Asset Management
Lloyd George Management
Rathbones
Sand Aire Unit Trust Managers

7th April 2004