Big changes at StrategicNova

The ink was hardly dry on the final papers to close the Dynamic acquisition of the StrategicNova funds when the company announced that many of the old managers were out, although some key ones have been retained.

The speed of the transition was somewhat surprising. Usually these things take a few months to work out, but this took place in a matter of days after the closing.

The StrategicNova name remains, at least for now. But the investment decisions relating to many funds is in new hands.

One shocker was the switch at StrategicNova Asia-Pacific Fund. Despite the rough markets in Asia, manager Ian Beattie consistently brought this one in well above par. The fund scored a one-year gain of 11.8% to Sept. 30, and showed a three-year average annual compound rate of return of 5.7% compared to an average loss for the Asia-ex-Japan category of more than 8%. But Beattie was given the pink slip and responsibility has been assumed by Dynamic’s Far East team, led by Chuk Wong.

There have been several other changes so check with your financial advisor if you own any StrategicNova funds.