Foreign & Colonial investment trust has outsourced management of its American and Japanese assets and introduced an overall performance fee.The 450m US large-cap portfolio will be split between four managers while its 120m Japanese portfolio will be run by Goldman Sachs. Management of the US small-cap business will stay with F&C. F&C says it expects the changes to provide better stock selection. The 2.3bn trust, run by Jeremy Tigue, has been criticised for the performance of its American and Japanese parts. Of the US large-cap business, 157m will go to Barrow Hanley, 66m to Gartmore, 137m to Loomis Sayles and 90m to GMO. The managers will be co-ordinated to avoid investing in the same stocks. Goldman Sachs will run the Japanese portfolio on a quantitative basis. F&C head of communications Jason Hollands says: “We now have the ability to earn performance fees based on the overall performance of the trusts. Some analysts might have said we would avoid investing more in the US large- cap sector because it would mean losing money to exter- nal managers but the new fee structure means F&C still has a vested interest in generating overall performance, whether in-house or through outsourced management.”
It must be summer because the weather has turned colder, my approaching holiday fills me with worry – well, that’s more about the list of things to do before I go – and regulators and bureaucrats across Europe are clearing their desks at the expense of dumping on ours.
Aifa will lobby for an extension of mandatory electronic reporting deadlines if it finds evidence that technical problems on the FSA’s website have impeded advisers from filing on time. Aifa director general Chris Cummings says it told the regulator several weeks ago that the date on the forms has to be input using the American […]
Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.
New Star’s fund of funds team is offering advisers a free guide to risk in response to strong IFA demand.
The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.
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