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Falcon rejects wrap for Fof strategy

The Falcon Group has rejec-ted the wrap route taken by most of its competitors and will instead launch two funds of funds to be run by Premier Asset Management.

Falcon head of investment solutions Piers Denne says he has spent a year invest-igating distribution options for the firm, including white-labelling provider wraps or using distributor-owned platforms.

But Denne says these options do not give the firm enough control over assets and it has decided to set up two of its own funds.

The funds, a growth fund and a distribution fund, will be run by Premier multi-manager heads David Hambidge and Aidan Kearney.

The funds will be overseen by a committee of Falcon members, with Denne init-ially acting as chairman. Denne says Falcon aims to have £20m a year running into the two funds from its advisers.

He says the move mimics firms such as Cavendish Grant, Buckles and The Fry Group but he believes Falcon is the biggest adviser firm to go down this route.

Denne says: “This gives Falcon the optimum amount of control over assets and the best-value proposition for the group.”


FSA hits out at sub-prime advertising

The Financial Services Authority has ordered more than 200 sub-prime mortgage brokers to withdraw or amend misleading advertising. The regulator says that brokers who issue poor advertising and promotional materials were also found to have inadequate systems and controls to manage their businesses.The FSA visited the worst offenders in October and November 2006 and found […]

Petition backs Asps

Hargreaves Lansdown head of pensions research Tom McPhail (pictured) delivered a petition on Tuesday, signed by over 10,000 people protesting at the Treasury’s threats to scrap Asps in next week’s pre-Budget report.McPhail says the people who signed the petition expressed anger at the prospect of forced annuitisation. He says attempts to restrict Asps to minority […]

New deal changes at Nationwide

Nationwide says it will continue running its “new customers only” ads despite ending its policy of offering the same deals to new and existing borrowers.It is changing its range from December 1 so rates on remortgaging, deal switching and further advances are higher than those for home purchase a move which was first revealed on […]

Standard Life relaunches IP product

Standard Life is relaunching its income protection plan after a review of its existing product which will be available from December 1 2006.The life office has introduced guaranteed rates, index-linked benefits and the choice of a term based plan or cover to a specific age on the relaunched offering.It will also offer a guaranteed increase […]


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