TrinityBridge Managed Income
Previously called Close Managed Income
TrinityBridge Managed Income Fund is a multi-manager fund aiming to provide capital growth and income by investing in both actively-managed funds and exchange traded funds. It sits on the conservative side of the risk spectrum, with preservation of capital a strong focus alongside income generation.
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Our Opinion
This is a steady offering with income generation at the centre of its process. The fund is designed to be consistent in every way and this has fed through to performance. With the ability to diversify across numerous asset classes and geographies it could be considered a strong income solution for investors.
Fund Managers
Matthew Stanesby, Co-Manager
Matthew joined the company in 2007 and heads up the Manager Research team which is responsible for the research, selection and monitoring of fund managers. He is also a portfolio manager for the TrinityBridge Managed Fund range of multi-asset funds.
Matthew started his career in the actuarial and investment consulting world and worked within the life insurance, pensions and investment teams at Mercer and Aon. He graduated from Nottingham University with a First Class Honours Degree in Mathematics with Engineering.
James Davies, Co-Manager
James is an investment manager and senior fund research specialist at TrinityBridge, where he co-manages the TrinityBridge Managed Income Fund and serves on the Multi Asset Committee. He started his investment career with Chartwell Group in 2003, leading its fund research from 2006 and managing discretionary portfolios from 2009. Chartwell was fully acquired by Close Brothers in 2010. James holds a BScEcon (Hons) in International Relations from Aberystwyth University.
Risk
The main risks for the TrinityBridge Managed Income Fund are focused around asset allocation and fund selection. However, while the managers have the flexibility to move away from the tactical asset allocation decisions made at group level, there is strong governance to oversee this. We believe the strength of the investment process should give investors’ confidence no stone has been left unturned in building the framework for the managers to meet their mandate. The multi-asset nature of the fund will also provide strong diversification. The slight value bias on the fund will mean the fund may lag in strong growth markets.
Company Description
Close Brothers sold its asset management arm to Oaktree Capital Management in March 2025, with the asset management business subsequently renamed as TrinityBridge. TrinityBridge is a standalone and independently run wealth management firm with over £22bn in assets under management. The firm employs around 900 people across 15 offices in the UK.
Quote from the Fund Manager
Team work makes the dream work…we all bring something different to the table and together deliver something much more than we’d be able to alone.
Matthew StanesbyCo-Manager
Matthew StanesbyInvestment process
The investment process behind building the TrinityBridge Managed Income portfolios is conducted in four stages. The first of these is strategic asset allocation, where the team works with independent consultant Moody’s to construct the multi-asset portfolio boundaries in terms of exposures to asset classes and geographies. This is done on a quarterly basis, with a formal review meeting taking place once a year.
The second stage is tactical asset allocation, which feeds into the daily, weekly and monthly meetings the team has to discuss market movements. The tactical asset allocation meeting takes place on a monthly basis. Asset allocation positions are formalised at this stage.
The third stage is fund selection, with the Managed Income fund having the ability to invest in third-party funds, as well as investment trusts and passives. This stage sees the managers adhere to the Four Ps process (people, philosophy, process and performance).
1. People – the team want to see firms attract and maintain talent; remunerate managers on assets and performance; and know how long teams have worked together
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2. Philosophy – they are looking for investments with a clearly defined process that management have stuck to over time, as well as understanding what market inefficiency they are trying to exploit.
3. Process – the team want this to be robust and repeatable with no deviation, particularly in periods of underperformance.
4. Performance – they look for performance which is both consistent and easily explained. Importantly, they must have a track record of adding value over the long-term.
Once this is concluded the team builds a buy list of around 130 funds. They typically have around 400-500 meetings a year with managers.
The final stage is a weekly review of the portfolio to ensure it stays within its permitted investment boundaries.
Risk
The main risks for the TrinityBridge Managed Income Fund are focused around asset allocation and fund selection. However, while the managers have the flexibility to move away from the tactical asset allocation decisions made at group level, there is strong governance to oversee this. We believe the strength of the investment process should give investors’ confidence no stone has been left unturned in building the framework for the managers to meet their mandate. The multi-asset nature of the fund will also provide strong diversification. The slight value bias on the fund will mean the fund may lag in strong growth markets.
ESG
ESG - Limited
Due to the fund-of-funds approach of this strategy, the managers are reliant on the ESG practices of others. They primarily use qualitative analysis and judgement when considering these practices and will always question their managers on their ESG approach, and how they integrate it into their process though there are no formal conditions. The managers want to be assured that the funds they invest in are prepared for long-term economic, social and environmental trends, and display good governance practices.
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