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Agency suspends Investec energy AA rating

Old Broad Street Research has suspended its AA rating for Investec global energy after veteran manager Tim Guinness was taken off the £235m fund.

Guinness, the chief executive of Guinness Asset Management, had run the fund since May 2003. The fund is second quartile in the Investment Management Association’s specialist sector over three years.

Investec has appointed two sell-side analysts from Goldman Sachs, Mark Lacey and Jonathan Waghorn, as co-managers on the fund. They join the commodities team headed by Bradley George.

OBSR research director Richard Romer-Lee says the group is keen to meet the new managers to establish their plans for the fund.

Hargreaves Lansdown head of research Mark Dampier says: “There are a number of energy funds that investors can look at besides Investec. We do not recommend it currently but will be meeting the new guys to talk about the fund.”


Mysterious affair of styles

Equity income funds are often viewed as a safe bet because performance can come both from share price growth and the dividend stream from the underlying companies. It is worth remembering that overall returns are the principal concern and performance in the sector has not always lived up to its reputation.

Former Bestinvest strategist Cummings sets up new company

Former Bestinvest head of strategy and acquisitions Dominic Cummings is set for a return to the industry with the launch of a new IFA firm called Intethic.The firm received FSA app-roval last Thursday and Cummings hopes to have the business running within the next four to six weeks.Cummings was one ofseveral staff to leave Best-invest […]

Low levels of satisfaction on

Over half of people who lodged a complaint with a provider in the life, pension and investment sectors consider their complaint was poorly handled.The Association of British Insurers’ customer impact survey 2007/08 quizzed almost 20,000 consumers and reveals that 3 per cent made a complaint and 57 per cent of those were not satisfied with […]

City Assurance sets up white-label wrap deal

City Assurance is offeringa white-label wrap service through Seven Investment Management’s Tethys platform.The Surrey-based adviser says the launch comes after two years of research and due diligence.It says it is now concen-trating on offering finan-cial advice to clients on a transparent fee basis.City Assurance private clients director Philip Warren says the firm was “fed up […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


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