View more on these topics

Aegon is shutting eight retail funds

Aegon Asset Management is closing eight of its retail funds, cutting the number in the range from 23 to 15 and, as a result, is pulling out of the Asian and emerging markets sectors.

The move is part of a wider review of the firm&#39s retail presence. It says the funds being closed are not part of its core retail proposition.

The eight funds being shut early next year are American smaller companies, European smaller companies, Far East, Japan, Latin America, socially responsible equity funds and the Aegon cash and 100 index-tracking unit trusts.

Aegon says the funds only account for about £160m of the total of £30bn that it manages in the UK.

It is refocusing its retail fund range on UK, European, US equities and fixed income, saying feedback from IFAs is that these are the four areas where clients want to invest

Aegon says IFAs see limited demand for other funds which they say are best left to specialist managers.

It says this is the third major stage of the evolution of its retail fund business. It follows the company being reorganised into three markets in 2000 – retail, insured and institutional – and the retail fund range being split into mainstream, specialist and technical this year.

UK director Jon Bennett says: “Aegon&#39s current retail-fund range is largely one that we inherited when we were formed back in 1999 and so does not fully reflect market realities. We are taking this opportunity to align our fund range with the demands of our clients.”

Recommended

Honesty is best policy

The split-capital investment trust industry is in crisis. The reputation of what was once a growing and successful sector has been battered by the behaviour of some of its leading firms which has led to the impoverishment of up to 50,000 investors.The familiar refrain that markets can go down as well as up does not […]

Inter-Alliance suspends director at Mayfair base

National IFA Inter-Alliance has suspended London-based regional director Tony Davis while it says “certain matters are being investigated”.Lawyers are believed to be involved and Inter-Alliance chairman and chief executive Keith Carby says he cannot discuss the reasons for suspending Davis from the Mayfair practice while the situation is being looked into.But Money Marketing understands that […]

Fund firm aims for gold with property fund

Fund manager Pinder Fry & Benjamin is launching a commercial property investment vehicle aiming to return 9 per cent a year over a term of seven or eight years.The £185m Gold – geared opportunity limited downside – property partnership will acq-uire an office building in London&#39s Victoria that is partially let to the Government until […]

FSA ready to look at target-related fee deals

Fund firms could be allowed to offer performance-related fees after the FSA admitted there is a greater case for them than ever before.At the Investment Management conference in London this week, FSA head of collective investment schemes Kevin Tomlin said the regulator was looking at more flexible pricing, including performance-based fees.Currently, investors can only access […]

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment