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Christows makes conversion to ETFs

Christows has converted three offshore funds of investment trusts to onshore funds of funds that invest mainly in exchange traded funds. David Franklin, who managed the three offshore funds, will run the onshore funds.The funds will also hold investment funds and quoted securities and can hold cash to reduce risk when markets are volatile.

The managed growth fund is designed to outperform the FTSE All Share index, with an emphasis on UK equities and bonds although some investment will be made in other markets. The overseas growth fund is benchmarked against the FTSE World index (ex UK). The worldwide growth fund invests globally without excluding or favouring any regions.

Figures from Morgan Stanley show the ETF sector grew rapidly last year as markets recovered, with assets under management rising globally by 49 per cent to $211bn. However, in Europe, which lags behind the US market, assets under management rose by 83 per cent to $19.5bn.

Christows&#39 decision to focus on ETFs may be a wise move if market growth spreads to the UK at the same rate as the US and other parts of Europe. However, Barclays Global Investors closed its sector-based ETFs due to lack of interest.

The funds are likely to appeal to sophisticated investors who understand how ETFs can enhance the diversification achieved by funds of funds and add a degree of versatility to a portfolio because they can be traded like shares.


Standard&#39s WP fund is a &#39dead parrot&#39, says Cazalet

Standard Life&#39s with-profits fund is like a “dead parrot resting” and is effectively closed in practice, says independent insurance analyst Ned Cazalet. Cazalet is predicting that bonuses, payouts and equity weightings will be cut in the wake of Standard&#39s strategic review which will consider demutualisation. He says it effectively looks as though the firm has […]

The bill is adding up

Don&#39t hold your breath for the Pensions Protection Fund and New Kind of Regulator as the Department for Work and Pensions&#39 new bill looks set for a couple more days&#39 delay with the workers voting for a strike later this month. It seems that either Andrew Smith isn&#39t paying them enough or the effect of […]

Nottingham BS temporarily withdraws from remortgages

Nottingham Building Society has announced that it has temporarily withdrawn from the remortgage market with immediate effect. The society says this is a temporary measure as a result of its withdrawal of its 3 year discounted rate mortgage. It says that following this withdrawal it received an overwhelming number of applications, and is asking intermediaries […]

Get ready for electronic reporting

In my last column, I focused on the achievements we have seen in industry e-commerce over the last year and looked forward to some of the benefits it would be reasonable to expect to arrive during 2004. If the business efficiencies achievable as a result of many of the new services are not sufficient to […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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