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Abbey takes trust into multi arena

Abbey has moved its underperforming Scottish Mutual opportunity unit trust to a multi-manager approach because it believes this offers a “framework for three-dimensional investment choice”.

IFAs say it makes sense for providers which are looking to form multi-tied relationships to bring their weaker funds under a multi-manager style rather than wind up or merge them with other funds.

Berns Brett director of fin-ancial planning Peter French says: “When you are an IFA, you deal with so many companies that you can divide your clients&#39 money up and keep tabs on it. If you are a multitie, you are tied to a limited number of companies so you cannot get the same diversity as an IFA.

“Multi-manager funds ena-ble the agent to say to a client: &#39Despite the fact that I am tied to these firms, by investing in this fund, I am still giving you access to the whole market.&#39” French says multi-ties will mean reduced business for some fund management groups as former IFAs may multi-tie elsewhere. In his view, the bigger the provider, the more attractive multi-ties become.

Abbey head of client investment John Kelly says the fund&#39s switch to multi-management is a separate issue to multi-tied arrangements. He says: “In January, we let the internal managers go and moved the fund to State Street but the promise was always to look for a multi-manager. We find in Goldman Sachs and Invesco skill sets that are very attractive. The way they manage money is different. They are expert in areas that we are not.”

Arch Financial Planning managing director Arthur Childs argues there is merit in a provider looking to multi-tie offering multi-manager funds. He says: “If we were going to multi-tie, which we are not, it would be great to be tied to a company such as Cofunds.”


UK market remains directionless – ISIS

The UK market remains directionless according to ISIS UK prime and ISIS UK equity fund manager Mike Felton.Felton says the market can be characterised as being of two halves during August. He says the month started poorly, falling during the first couple of weeks largely on the back of weak US earnings numbers and the […]

Thoresen to take over at Aegon as Henderson steps down

Aegon UK chief executive David Henderson is retiring after six years in the role. Henderson, who is the long-est-serving CEO of a Scottish life office, will retire in March 2005 and will be replaced by finance director Otto Thoresen. Mark Laidlaw, who joined Aegon UK in 1988, has been appointed chief financial off-icer, replacing Thoresen […]

Menu master Smee quits Aifa

Aifa&#39s first director general Paul Smee has resigned from his position after five years in the job. Smee will stay with Aifa until December when he is joining the Association for Payment Clearing Services as its chief executive. Aifa will be advertising for a new director general immediately. The formation of Aifa came after a […]

Chelsea Building Society – Prospect Three Year Fixed Rate

Type: Fixed-rate adverse credit mortgage Fixed term: Until October 1, 2007 Fixed rate: 6.39% Minimum loan: £25,000 Maximum loan: Up to 85% of valuation subject to a maximum of £250,000 Income multiples: Up to 3.75 times principal income plus second or 2.8 times joint Conditions: Maximum £3,000 in CCJs, current and satisfactory IVAs allowed, discharged […]


DB transfer shouldn’t be all-or-nothing

By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]


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