Baring Asset Management has been called greedy after saying it is likely to follow Credit Suisse and Threadneedle in raising management charges.Baring marketing director Ian Pascal says his firm is looking at raising the charges on some of its funds, arguing that the increase is needed because the costs of running a fund management business have been rising steadily in recent years. He also blames regulatory pressures and the cost of Ucits 3 conversions for the pressure on costs and expects more fund management firms to follow suit. Credit Suisse and Thread- needle raised the annual management charges on selected funds last week. Credit Suisse has raised the charge on its income and monthly income funds from 1.2 per cent to 1.5 per cent and Threadneedle has increased the charge on its UK monthly income, UK growth and income and UK equity income funds from 1.25 per cent to 1.5 per cent. The Threadneedle funds have all been in the bottom 15 per cent of their sectors over three years. Bestinvest business development manager Justin Modray says: “Baring is just following the others in thinking they can make a quick buck by raising the fees. It does not send the right messages to investors. Companies should be trying to raise their confidence but this smacks of greed.” Pascal says: “It depends on the context. The funds we are considering raising the fees on are charging below the average fees for the sector. If you look at the history of fund char-ges, it is relatively rare for them to raise charges and the funds we are looking at have perhaps not gone up in 10 years. I do not think it is greedy.”
Campbell Dallas is opening a new office in Stirling, bringing both its chartered accountant and its financial services businesses under one roof. Campbell Dallas Financial Services Ltd will relocate from its current premises to the Stirling office at Springkerse, and will build upon the current three sites at Bearsden, Paisley and Perth.Ten employees will work […]
A secret investigation has seen the Department of Trade and Industry seeking to shut six property investment companies which claimed to show investors how to get rich quick through buy-to-let portfolios. The firms are Sterling Mansion (UK), Mansion Investments, SMI (Overseas), Turningpoint Seminars, Portfolios of Distinction and CM2. Sterling Mansion (UK) and Mansion Investments claimed […]
Transact has slashed charges on funds for wealthier clients in a wrap price war sparked by Abbey undercutting its rates for high-volume business.
Baring Asset Management has been called greedy after saying it is likely to follow Credit Suisse and Threadneedle in raising management charges.
Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.
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