Management of the funds has been outsourced to sister group Insight Investment and the Clerical Medical portfolios, although carrying their own branding, will invest directly into Insight’s retail unfettered funds of funds. These are all managed by Insight fund of funds as unfettered mandates by manager Patrick Armstrong and team.
The range includes adventurous, balanced and cautious mandates plus three UK equity vehicles and a global equity fund.
Clerical Medical wealth creation marketing manager Adrian Smith says the group will look to launch additional funds in the future but the priority is to establish a core range.
He stressed that Insight had to compete with several external groups to win the mandate.
Annual charges vary between 1.65 per cent and 2.5 per cent, depending on the fund selected.
All the funds will be available to new and existing investors, including those in closed bonds. This brings the external range available within Clerical Medical life and pensions products to 36, of which 22 are run by Insight.
Smith says: “We had no fund of funds’ offering in our fund range, either internal or external and IFAs are increasingly recommending fund of funds to clients.”