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Axa Multimanager funds deal

Axa Multimanager is offering two multi-manager funds, with Bradford & Bingley set to transfer its current discretionary business into the new funds.

The Axa select income and select growth funds will open on October 15 but will not be targeted at the mainstream retail market until all B&B funds have been transferred.

Axa says it is looking to make the products widely available to IFAs in the future but will initially put a minimum investment limit of £100,000 and offer no discounts on the 5 per cent initial charge to discourage external investment.

The two funds invest in a range of bespoke funds. The UK portfolios will be managed by Merrill Lynch, SG Asset Management, GMO Woolley and JP Morgan Fleming. Schroders will run the European portfolio, with Clay Finlay managing the Asian equities mandate, Morley managing gilts and M&G managing corporate bonds. Credit Suisse and Goldman Sachs will run the US equities portfolios.


Life offices could close or merge as the markets slump and liabilities leap

Life offices are facing a financial crisis because of plummeting stockmarkets and soaring liabilities, meaning some could be in danger of closing to new business. The FSA says the financial situation of the life industry is of concern and that it is keeping a “very close eye” on the sector. A report from Cazalet Financial […]

Mercantile takes the long view

Mercantile Building Society is looking to the long-term mortgage market with the introduction of its lifetime discount mortgage.The mortgage has a discount of 1.1 per cent for the term of the mortgage, giving it a payable rate of 5.54 per cent for loans of up to 80 per cent of the value of the property. […]

Investment workshops target IFAs

Autif and the AITC are teaming up to offer IFAs the chance to improve their inv-estment knowledge through one-day workshops. The Autif/AITC portfolio planning workshops will be held between October 1 and December 13 and then throughout next year starting on April 26 at various UK locations. The workshops are des-igned to improve IFAs&#39 investment […]

Man brings in fourth version of offshore bond

MAN INVESTMENT PRODUCTSMan-IP 220 Plus Series FourFlexibility 5.3Company&#39s reputation 4.6Past performance 7.0Charges 7.0Commission 4.3Product literature 5.0Man Investment Products has introduced the fourth in its range of Man-IP 220 funds. Man-IP 220 series 4 is an offshore bond registered in Bermuda. The bond is divided into two halves, with one section investing in 100 global futures […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


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