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Cazenove delays aggressive plans

Cazenove has postponed the launch of an aggressive version of its multi-asset diversity fund until the first quarter of next year.

The company had initially planned the launch for the last quarter of 2008, with a further fund planned for early 2009 but have decided to push the plans back due to market conditions.

The £189m diversity fund reached its three-year anniversary in September 2008, topping the IMA cautious managed sector over that period. It currently stands fourth in the sector.

A number of launches have already been shelved in light of market volatility, including absolute return funds from both Gartmore and Ignis boutique Argonaut and Schroders’ agricultural land trust.

It is understood the Gartmore aggressive version will not have the same asset requirements as diversity, which invests one-third each in equities, alternatives, fixed interest and cash, while the new fund will look to allow investors to tap into market trends to a greater extent when markets are more bullish.

Cazenove head of multi-manager Marcus Brookes says: “We are still keen to add to the diversity range but in the right type of market and the past couple of months have clearly been difficult.”


FSA freezes broker’s assets

The FSA has frozen the assets of Heaney Finance mortgage broker Noel Heaney after it found he gave unsuitable advice to consumers and refused to conduct a past business review.


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