Barclays Global Investors will trim its range of eight active quants funds to six when the funds shift to a multi-man- ager approach next month.Barclays Wealth Management will take responsib- ility for the funds, which will also be renamed to reflect their multi-manager status and adoption of wider investment powers under Ucits III. Legal & General will be administrator and this role will also be reflected in the name changes, with all funds prefixed L&G (Barclays). From November 9, BGI American growth will become MM US alpha, BGI European will be renamed MM Europe (ex UK) alpha, BGI UK growth changes to UK alpha and BGI smaller companies becomes MM UK lower cap. BGI gilt & fixed-interest income and BGI distribution will be merged into MM sterling bond and BGI growth & income and BGI equity income will form MM UK equ-ity income. The funds will be managed using a manager of managers strategy rather than fund of funds as the group wants to bring the type of service normally favoured by institut-ional and high-net-worth clients to the retail market. Head of research Gary Dugan will be responsible for manager selection but Barclays Wealth Management has not yet disclosed the initial line-up of managers for the funds. It says it has existing relationships with 30 investment managers, including BGI. Barclays says the expertise of the underlying managers is central to the multi-manager approach and managers will be selected on the basis of their skills within a par-ticular field. These skills will be harnessed through Barclays’ skills in portfolio construction. Barclays head of private wealth Lorcan Murphy says: “BGI is already one of the world-class managers that manage portfolio mandates as part of the Barclays’ wealth management multi-manager platform. The changes we are making are about offering retail customers choice.”
The Bank of England last week held interest rates at 4.75 per cent for the second month in a row. It follows the decision in August to raise the base rate by 0.25 per cent from 4.5 per cent, which had stood for a year.
Strong summer boosts business
On-Line Partnership has reported a two-thirds increase in profits for the year to June 30 from 743,253 to 1.23m. Turnover increased by 23.7 per cent from 23.1m to 28.6m.
Having worked over the years with a number of advisers who were, let us say, keen on bond rebroking, I have always been a bit suspicious of whose interest is really being served. What Glynn Downton fails to point out (Money Marketing, September 28) is that the new bond he has recommended to his clients […]
Johnson Fleming has received the ISO 22301 accreditation, which demonstrates the company’s ability to effectively understand and prioritise the threats to the business.
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