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ABI changes life and pension funds classification system

The Association of British Insurers has made changes to its classification system for life and pension funds effective from January 25 2008.

The key changes include new criteria for mixed asset fund sectors, including labels to highlight the equity exposure of managed fund sectors and three new fixed interest fund sectors.

The ABI is also introducing new sectors to reflect the growing number and diversity of property funds and a flagging system to allow greater detail on sector sub-groupings, such as regional.

The changes follow a review of the existing ABI sectors, which allow investors and advisers to make like-for-like comparisons of unit-linked life and pension funds based on funds’ asset allocation and contain over 6,000 unit-linked life and pension funds.

ABI Investment Classification Committee chairman Jeremy Thatcher says the new sectors reflect major changes to the life and pensions industry including the continued growth in unit-linked business, increasing demand for open architecture wraps and multi-manager investing and major inflows into property as an asset class.

He says: “The ABI sectors are a vital tool for fund comparison and these improvements will ensure the sectors reflect the current market as well as future developments. With the additional monitoring of these funds by the ABI, investors can have every confidence in this important tool.”


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