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Bates in multi-manager deal with Aim

Bates Investment Services has appointed Axa Investment Managers as its preferred multi-manager provider in a move that the IFA hopes will protect clients against high manager turnover.

Bates, which last week sold a 33 per cent stake of its business to investor consortium Asset Strategies, will start selling Aim&#39s range of manager of manager funds through Isas, Pep transfers, pension and bond wrappers from next month.

The deal is not exclusive to either party – the IFA can use other manager of manager providers – but means that Bates will refer the bulk of its clients to Aim, which it believes offers a cheaper alternative to most fund of funds providers.

The agreement comes days after the industry was hit by more fund manager moves, with HSBC losing five of its top fund managers to Cazenove.

Bates head of research James Dalby says: “For a core holding for most clients, manager of manager funds are ideal given the number of moves, which have got beyond a joke. Manager of manager is also cheaper than fund of funds, which is a real bonus in the current marketplace.”

Aim director (head of retail) Patrick Cooper says: “We are excited to be working with such a well regarded IFA and we look forward to providing them with our product and service.”


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