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Bestinvest downgrades Aberforth UK small cap fund

Bestinvest has downgraded the £147m Aberforth UK Small Companies unit trust after raising concerns about its ability to add value relative to peer group funds for more than five years.

The fund has been downgraded to a one-star sell rating.

Bestinvest analyst Robert Harley says the open-ended fund has “struggled” to add value compared with peers.

He says: “We believe there are smaller, more nimble funds available that are in a better position to exploit market opportunities in the small cap arena.

“However, we have only downgraded their investment trust from 4 to 3 stars in recognition of the discount to net asset value still available to investors.”

The company declined to comment when contacted.


Mervyn King wants bank ringfence review after five years

Bank of England governor Sir Mervyn King says the bank ringfence proposals should be subject to a compulsory review after five years. Giving evidence to the Parliamentary Commission on Banking Standards today, King said the current ringfence rules should be implemented with the possibility of full separation in the future. PCBS chair Andrew Tyrie asked […]

Chris Hannant MM blog

Chris Hannant: The FCA must have a realistic benchmark

One of Apfa’s concerns at the moment relates to the FSA’s consultation: Journey to the FCA. The document sets out the FSA’s initial thinking as to how it will act when it splits into the Prudential Regulation Authority and Financial Conduct Authority. As you might expect, there is a chapter dedicated to how to measure […]

Pru sees 8% rise in UK sales

Prudential has reported an 8 per cent increase in total UK sales to £617m for the first nine months of the year, driven by individual annuities, with-profits bonds and bulk annuities. Pru posted total UK sales of £569m for the same period last year. But the insurer has warned of “short-term dislocation in the market” […]


Old Mutual reveals low-cost fund range details

Old Mutual Global Investors will offer funds from up to 12 fund managers as part of its new low-cost fund range, due to launch next year. In its half-year results, published in August, Old Mutual Wealth Management announced it is developing a low-cost fund range targeted at restricted advisers who want to build their own […]


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