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Argonaut secures multi-manager backing as it grows 21% in quarter

Barry Norris and Oliver Russ have grown Britannic’s Argonaut European alpha fund by 21 per cent in their first three months and plan a November launch for their equity income product.

Since joining Britannic from Neptune in May, the pair have kept the fund 7 per cent ahead of the MSCI European index and won backing from New Star and Insight’s multi-manager teams.

The fund has grown to 75m since launch and the pair expect to soft-close at 250m by the end of 2006.

Despite receiving offers from bigger fund managers before they left Neptune, the pair said they preferred to build a competitive boutique of their own.

They have confirmed a late November launch date for the UK’s first European equity income fund, aiming at a 6 per cent yield plus capital growth.

Norris says: “New Star and Insight have been key early adopters of the Argonaut fund. Both of them had invested in smaller quantities at Neptune and have since moved their money to Argonaut.”

IFPC investment director Umesh Daswani says: “Norris appears to be a good manager and has a good incentive to manage the money with his own boutique set-up, benefiting from Britannic’s marketing power. He is more active and one of the new breed of fund managers paying particular attention to focus funds.”


Clerical urges A-Day review by trustees

Clerical Medical is urging trustees of occupational pension schemes to review their scheme arrangements with their advisers in light of A-Day. The firm is writing to trustees over the next few weeks out- lining the changes affecting them and scheme members. Trustees will also get a copy of Clerical’s pension news- letter available for use […]

Bank of Ireland launches new offshore bond

Bank of Ireland Offshore has launched its global balanced guaranteed equity bond, in conjunction with its Bristol & West International branch.It is a five year fixed term bond in two parts; the guaranteed equity bond and an optional 12 month balancing bond.The offer period for the bond will close on 30 September.Bank of Ireland Offshore […]

No more coppers

Congratulations to the financial boffins at Virgin Money for coming up with the idea of a 99p coin to free us from unwanted coppers and save the nation 133m in discarded change. The Diary notes that the idea recently reared its head as an election pledge in the 2005 “manicfesto” of the Official Monster Raving […]

‘Extend DTI exemption to IFAs’

A Department of Trade and Industry decision to exempt general insurance and mortgage advisers from having to file a statutory audit should be extended to include the majority of advisers, according to a compliance expert. The DTI says amendments to the Companies Act 1985 mean that from October, general insurance and mortgage advisers will only […]


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