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Autif bringing in monitoring service to study fund allocations

Fund managers are set to have their fund allocations scrutinised by a new

monitoring service being introduced by Autif, PIMS delegates were told.

Autif sector definitions, which lay down guidelines on how much of a fund

can be invested in different types of securities and geographical regions,

have led to disputes, with some managers claiming that rivals are flouting

the rules.

The balanced managed sector, which stipulates that a minimum of 10 per

cent of the portfolio is to be invested in non-UK-listed equities, is

reg-arded as particularly prone to problems. In other sectors, managers

have ignored the equity-cash ratios by investing more in equities to gain a

performance advantage. Autif has asked data providers Lipper, Morning Star,

The Research Department and Standard & Poor&#39s to find a solution.

Until now, Autif has relied on fund managers&#39 own discretion in sticking

to the guidelines. However, temporary breaches are sometimes permitted in

the case of company takeovers, which shift the balance of a portfolio, or

large inflows to the fund, which temporarily shift cash balances.

Autif director general Rich-ard Saunders says: “If funds are wearing a

class badge, they should stick to it. People should be able to compare like

with like. Fund managers should keep within the box prescribing their fund.”

Autif communications dir-ector Anne McMeehan says: “We have provided a

brief to Lipper, Morning Star, The Res-earch Department and Standard &

Poor&#39s asking if we wanted to monitor funds more accurately to understand

precisely what is needed in a portfolio to ensure the right fund is in the

right sector at the right time, how would we best go about it.”


SLI pins down its IPIMS

Scottish Life International has introduced the international protected investment management service (IPIMS).IPIMS is an offshore bond that will operate as a portfolio management service and offers four tiers of investment. These include IPIMS capital protected funds, IPIMS exclusive portfolio funds offering specialist funds, IPIMS select fund managers providing funds offered by external fund managers and […]

Bank of England keeps rate on hold

The Bank of England&#39s monetary policy committee has voted to keep its base rate at 5.25 per cent.The decision to maintain the base rate level was widely expected by economists, as cutting rates the day before the general election could open the MPC to charges of partiality.

Firms link for 1% world

National IFA the Falcon Group is entering into a joint venture with rivalIFA Indepen-dent Financial Services in an effort to survive in the 1 percent world. The firms will maintain their independence and brands but will shareresources in areas such as marketing and technology. They will alsoco-operate and seek cost savings in back-office operations and […]

Friends Ivory & Sime to launch new funds

Friends Ivory & Sime is set to launch two new fund of funds products later this year, in a bid to build its presence in the growing multi-manager market.The products are likely to be technology and green funds of funds.FI&S says it will look to launch the products once it has replaced its multi-manager team, […]


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