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&#39Cat could become hallmark&#39

The Treasury&#39s preference for passive over actively managed funds is one of the driving forces behind Catmarked Isas, says FSA conduct of business standards department manager Brenda Gibson.

Speaking at the Sofa conference in Birmingham last week, Gibson said: “The Treasury is a fan of passive, not active, fund management. Cat standards throw down the gauntlet on charges. They are a bit New Labourish, representing the savings for all point the Treasury is trying to get across.”

Gibson, who spent two years as project manager of the FSA conduct of business sourcebook, said the Treasury was moving away from Cat meaning charges, access and terms, to a more general brand or hallmark. She says a flexible interpretation would be necessary to extend Cats to other products.

She also said the Treasury is still looking at stratified levels of advice such as the financial healthcheck.

Hargreaves Lansdown head of research Mark Dampier says: “There are too many so-called actively managed funds there that should be called passive. I think the Treasury will be proved to be entirely wrong because as soon as the statis-tics appear to be on your side, things turn around.”


Tilney opens Monaco office

Private client investment managers Tilney Investment Management is opening a Monaco office, focusing on high net worth clients.TIM is also launching a new hedge fund through the office. The Opal Alternative Growth fund is a fund of hedge funds, and is the first of a series of new fund launches paned by the firm.TIM executive […]

Mandrake goes with Synaptic

National IFA Mandrake Associates has signed up with Synaptic Systems for the provision of its Product Research Professional software and its comparative quotation system.Synaptic corporate business development Brod Whiting says: “We are delighted that such a successful national IFA firm has chosen Synaptic as its preferred technology partner. We will be working closely together to […]

GAM grows a long Eastern hedge

Global Asset Management is heading East with its Asian hedge fund. Based in Hong Kong and domiciled in the British Virgin Islands, this is an offshore hedge fund aimed at the sophisticated investor looking for some exposure to the Asian market. It will aim to outperform the MSCI all countries Asia Pacific excluding Japan fund. […]

Frost gets top role at Artemis

Star income manager Adrian Frost is joining Artemis to take over its underperforming UK income fund. Frost arrives from Deutsche Asset Management, where he was head of UK equities until April, when he took a six-month sabbatical. He then quit the firm in October. Artemis&#39 income fund is currently managed by Derek Stuart but is […]


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