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Abbey Nat opens multi-manager

Abbey National for Intermediaries this week launches its multi-manager operation, run by the same team behind its wealth management arm and manager of manager provider Inscape.

The operation, which will sell through IFAs, its forthcoming wrap account and branch network, will offer a retail Oeic with five sub-funds – equity, growth, balanced, cautious and bond monthly income.

They will be run on a manager of manager basis by com- panies including Schroders,JP Morgan Fleming, Merrill Lynch and State Street as well as other group, principally institutions.

The funds, which will also be available for direct investment, will carry low charges which Abbey believes are the cheapest in the market. The bond funds&#39 total expense ratio is 1.38 per cent with a 3.5 per cent initial charge while the equity funds have a TER of 1.78 per cent and a 4.5 per cent initial charge.

Both are Pep and Isable. Commission is 3 per cent initial for all funds, with 0.5 per cent trail for equity funds and 0.25 per cent for bond funds.

Director of intermediary propositions Hugo Thorman says: “We are keen to address the requirements of IFAs at a time when they are facing margin pressure, the fallout from Sandler and increasing investor sophistication. We believe this will relieve those pressures.”

Chartwell Investment Management director Patrick Connolly says: “It is good that it&#39s cheap but low costs are not enough. IFAs already have a wide choice and Abbey will have to do something pretty special to attract their attention.”

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