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available to IFAs through the Cofunds and Funds Network supermarkets.The funds of funds were established in 2002 but withdrawn from the public domain as a condition of Cazenove’s agreement to manage a multi-manager fund range for M&G. This arrangement ended in July when M&G brought the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.”
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 […]
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 […]
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 […]
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 […]
Macroeconomic matters are less significant for stockpickers, says fund manager Philip Wolstencroft. The companies in his portfolio are growing reliably and stand at a 20 per cent discount to the market.
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