Citywire AA-rated Tovey is the top-performing manager in the Citywire Alternative Ucits – Long/Short Equity sector on a three-year absolute return basis.
He has returned 77.6% over the period to the end of May 2017, while the average manager in the 134-strong sector returned 8.1% over the same timeframe. This was on the BSF European Opportunities Extension fund.
Tovey had proven a hugely popular manager among fund selectors with his European Opportunities Extension fund being hard-closed for two-and-a-half years before reopening for just two months in January 2017. The fund accrued €400 million during this period and was subsequently closed again.
In his new capacity, Tovey will work alongside Stefan Gries on the €1.09 billion BSF European Absolute Return strategy, which Devlin relinquished responsibility for earlier this month.