View more on these topics

Cazenove comeback with 1% annual fee

Cazenove Capital Management is aiming for a comeback in the retail fund of funds market with a 1 per cent annual management charge on its multi-manager fund range.

The company is predicting an environment with lower returns over the next five years and it regards a 1 per cent annual charge – on top of the charges of the underlying funds – as more appropriate in this climate than the 1.5 per cent market average. Four of its funds of funds are now available to IFAs through the Cofunds and Funds Network supermarkets.

The funds of funds were established in 2002 but withdrawn from the public domain as a condition of Cazenove’s agreement to manage a multi-manager fund range for M&G. This arrangement ended in July when M&G brought the funds back in-house, leaving Caz- enove free to market its own revamped offering.

To freshen up the range Cazenove changed the universal balanced portfolio into an absolute return fund benchmarked against inflation and renamed it the multi-manager diversity fund. This fund differs from the others as a non-Ucits retail scheme withexposure to property, hedge funds and commodities. It was felt that the wide investment powers of a non-Ucits retail scheme would be better in delivering returns using an absolute-return strategy than a pure equity fund.

The hedge fund exposure within the multi-manager diversity fund will come from funds of hedge funds rather than single manager hedge funds.

Cazenove director of fund management Richard Pursglove says: “We have secured capacity to add another fund of funds in December. The biggest problem in gaining hedge fund exposure is diversification. To research the hedge fund market is a time-consuming exercise so we will employ a multi-manager.”

Recommended

‘UK investors missing global opportunities’

Newton says UK income inv-estors are missing out on international opportunities as it launches its global and Asian income funds run by James Harries and Jason Pidcock. Aberdeen says it is also considering setting up an Asian income fund, aiming at 4.5 per cent annual income, to be run by Hugh Young. Newton says 90 […]

New GAD tables cut maximum income for older pensioners

Pensioners moving from unsecured pensions into alternatively secured pensions will see their maxi- mum income fall dramatically under the proposed new tables from the Government Actuary’s Department. Standard Life head of pensions policy John Lawson says the near 40 per cent drop in maximum income for males moving from unsecured pensions – or pre-75 drawdown […]

Ghiloni makes return in broker sales at the Pru

Former Britannic Asset Management chief Francis Ghiloni is returning to the industry as Prudential intermediary sales director. Ghiloni, who left Brit- annic AM last year after 22 years with the group, replaces Chris Traynor who has moved to Payment Shield. He will head a team of 165 sales advisers backed by a support team of […]

ABI accuses FSA of dodging risk issue

Life insurers are accusing the FSA of washing its hands of the Treasury select committee’s recommendation for an industrywide rating system for investment funds. In its latest meeting with the Financial Services Forum, the FSA said the dangers of implementing such a system were too high but it gave invited the industry to come up […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com