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A different class from Close

CLOSE FINSBURY ASSET MANAGEMENT

MultiAsset Portfolio

Type:
Oeic multi-manager fund of funds

Aim:
Growth by investing in equity funds, bond funds and alternative investments including commercial property and hedge funds

Minimum investment:
Lump sum £25,000

Investment split:
36% UK equities, 12% fixed interest, 10% US, 10% commercial property, 8% structured investments, 8% hedge funds, 6% Europe, 5% Japan, 3% natural resources, 2% cash

Isa link:
No

Pep transfers:
No

Charges:
Initial 4.5%,
annual 1.5%,
performance fee 15%

Commission:
Initial 3%,
renewal 0.25%

Tel: 0800 1696968

The Close Finsbury multiasset portfolio is an Oeic fund of funds that aims for growth by investing in a range of asset classes including equities, bonds, property and hedge funds

Putting the fund into its market context Chase de Vere research manager Justine Fearns says: “More and more providers are launching multi-manager portfolios or asset allocation tools, so in a way the market place is becoming a little overcrowded. There are a lot of &#39me too&#39 products that offer no more than the products already available but lack a strong track record. Fortunately, Close Finsbury has joined a small number of providers that are trying to offer something different.”

Fearns points out that Close Finsbury and its investment partner, Berry Asset Management, are making use of commercial property, alternative investments, structured products, hedge funds and commodities. She says: “These are not mainstream assets for most IFAs so exposure to them through an asset manager can be one of the most effective and compliance friendly means of access.”

The basic charges are seen as in line with other multi-manager portfolios but there will also be a 15 per cent performance fee based on outperformance of the benchmark. Fearns says: ” Close Finsbury is getting in relatively early on this as more providers are beginning to look at, or are launching funds with, performance fees. These can give clients a degree of comfort that the managers have an incentive to work at the best of their capability.”

Fearns believes the new Gartmore cautious managed portfolio and possibly the Christow&#39s multi-manager portfolios as the main competitors to the fund. There is little she dislikes about the fund but she considers the minimum investment relatively high which will limit its accessibility. She concludes: “I would want to know more about how and why the benchmark was selected and how the performance fee was set in relation to this.”

BROKER RATINGS:
Suitability to market: Good
Investment strategy: Good
Charges: Average
Adviser remuneration: Average

Overall 7/10

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