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Eden fund duo will shun banks

Eden Financial UK equity fund manager Leigh Himsworth and global equity income fund manager Dan Roberts say their new funds will not invest in banks.

Himsworth and Roberts joined Eden Financial from Gartmore in July.

Himsworth will launch the CF Eden UK select opportunities fund in August and Roberts will launch the Eden global equity income fund later this year. Both funds will have 40 to 50 holdings and the managers will not take more than a 5 per cent holding in a single stock.

Himsworth says banks have lost credibility in the advice sector and he is concerned that they do not understand potential liabilities on their balance sheets.

He says: “Banks have done a good job of destroying trust in terms of financial advice. Investors are now seeking independent advice from the likes of Hargreaves Lansdown or wealth managers. I do not want to be near banks because I am not sure they understand what is on their balance sheets, so we are unaware of the potential liabilities in the future with sovereign debt problems.”

Roberts says: “I have been through the accounts at one high-street bank and in the end I gave up. Transparency is minimal, gearing is high and if something does go wrong economically there is no margin of safety.”



Cabinet rift over 50p tax rate

Treasury chief secretary Danny Alexander says those calling for the scrapping of the 50p income tax rate are “living in cloud cuckoo land”. Alexander told the Financial Times the Government’s first priority should be to help those on low and middle incomes, with measures including increasing the lowest income tax threshold to £10,000. The comments […]

Bill Vasilieff: Nice to see a platform paper damp squib

The long awaited FSA platform policy statement finally arrived today and was, on the face of it, something of a damp squib. ‘Damp squib’ however might be another way of saying that good sense prevailed and the most controversial issue, cash rebates, will be subject to further work with the impact on consumers and platforms […]

Mobius mulls adding exposure to North Africa

Templeton Emerging Markets Group executive chairman Mark Mobius is considering adding North Africa exposure into his global emerging market funds. Mobius runs the £27m global emerging markets fund, £834m emerging markets Sicav and £2.3bn emerging markets investment trust. Speaking to Money Marketing, he said: “The problem with the Africa market is liquidity and as liquidity […]

Aegon looking to sell-off insurer

Aegon is looking to sell-off its 190-year-old life insurance arm Guardian, according to reports. The Sunday Times says Guardian, which has around 500,000 customers, could be sold-off in a deal worth £250m. The paper says private equity firms Cinven and Apollo are rumoured to be considering bids for the business with Goldman Sachs handling the […]


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