A 4m cash investment from the AIG deal has boosted total funds under management for the three Snowdonia funds to over 30m.Buckles reports that demand has been high as investors look for alternatives to with-profits and like the transparency of funds of funds. But the IFA admits it had to fight hard to find an onshore distribution partner to offer the Snowdonia growth, balanced and income funds to investors through unit-linked products. Chief executive Nigel Spiers says discussions with the likes of Standard Life and Norwich Union ended in lots of closed doors. He attributes this to the groups’ reluctance to risk new money bypassing their own multi-manager offerings into rival funds. In Spiers’s view, providing access only to their own multi-manager funds also means that insurance companies retain control, with no risk to their reputations. Spiers says: “If we go back a year ago and compare our top five insurance providers with now, they have changed. “We used to deal with the traditional insurers but we have AIG, Premier and Scottish Equitable. There is a growing realisation that what we consider niche players can pinch markets from the big boys.”
It is too late to backtrack on pensions simplification as IFAs are already reviewing client portfolios ahead of next April, says Winterthur Life. Pensions strategy manager Mike Morrison was res-ponding to press reports calling for the Treasury to omit certain features of the new regime, such as allowing residential property in a Sipp, at the […]
Financial services provider of customer management solutions, Focus Solutions, has appointed Chris McGraw as director of Northern sales. McGraw will be responsible for generating new opportunities within Scotland and the North of England for Focus’ solution for the life and pensions market enabling e-trading across multiple distribution channels. His experience spans 25 years in sales […]
Standard Life has launched a new online service called askTech to answer technical questions from advisers. AskTech is split into life and pensions sub-divisions and answers questions on trusts, pensions simplification and the defined-contribution regime, with more than 250 pairs of questions and answers. Advisers can look at sub- sections or type in specific questions […]
Credit Suisse Asset Management has ann-ounced the dates of its 2005 multi-manager roadshow for IFAs. Robert Burdett and Gary Potter, joint heads of the firm’s multi-manager services, will be visiting 14 venues during September. It starts in Glasgow on September 5 and finishes in London on September 16.
By Douglas Turnbull, Investment Director, Head of Chinese Equities China faces a ‘Rubik’s Cube’ policy trilemma, whereby it needs to sustain a minimum acceptable level of growth, deal with issues such as overcapacity and reform the financial system to make it a far more efficient allocator of capital. Given the contradictory nature of these objectives, […]
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The Treasury select committee has published an internal memo in which staff at Royal Bank of Scotland were told to let struggling businesses “hang themselves” in the wake of the financial crisis. Staff at the now defunct RBS Global Restructuring Group listed in a document written in 2009 a number of tips to leverage fees […]
Newly-merged adviser trade body Pimfa is calling for the FCA to change how it plans to calculate the Financial Services Compensation Scheme levy, to take discretionary fund managers out of its remit. The FCA’s consultation on FSCS funding reform said all firms falling under its investment provision funding group are classiffied as product providers and […]
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