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Autif shake-up for investment sectors

Autif&#39s executive committee has given the go-ahead for an overhaul of investment fund sector classifications on May 1.

The most notable change will see the UK All Companies sector, which presently comprises 300 funds, split into three new sub-sectors – active, tracker and ethical. The change is being made foll-owing industry complaints that the sector was too big.

Autif says funds within the UK All Companies sector will still be ranked in terms of the entire sector rather than their sub-sector and that sub-sector rankings should not be used for advertising.

A new technology sector will be created, comprising all existing technology funds from the specialist or UK All Companies sectors. The sector will not be geographically restricted and will comprise of all funds which “hold at least 80 per cent of their assets in technology and telecommunications sectors as defined by major index providers”.

The global emerging markets sector will be split, with the creation of a new Latin American sector. The managed income sector will be merged into the cautious managed sector.

The UK equity and bond sector is the one sector to be abolished as part of the restructure.

With only four funds in the sector, Autif says it will talk to the fund providers affected individually.

Director of communications Anne McMeehan says: “Most of these changes are entirely logical. We are trying to ensure that the man on the street is in a position to compare on a like-for-like basis.”

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