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Fidelity seeks distributor status for funds

Fidelity is looking to secure UK distributor status for its 12 Luxemburg-listed multi-manager funds.

The three multi-asset portfolios and nine specialist funds focusing on a single region or sector are registered for sale across Europe, including the UK. The firm says they will appeal only to UK investors who gain access through offshore bonds but lack distributor status.

Fidelity says it is important to build a global multi-manager business as a natural extension of its UK business, particularly with multi-manager becoming a global phenomenon.

Prior to launching the new funds, it engaged research firm Cerulli Associates to measure recent growth within the global multi-manager market and prospects for future growth.

Cerulli found that net new sales of multi-manager portfolios have grown by 17 per cent a year in the last five years compared with 5 per cent a year for all mutual fund assets. Growth until 2009 is forecast at an average of 18 per cent a year.

Multi-manager business managing director Simon Ellis says: “There is a lot of demand globally for multi-manager and that presents opportunities. The launch of our specialist funds reflects the fact that multi-manager is becoming mainstream. Many distributors want to asset allocate but do not want to be involved in the fund selection process. The multi-asset portfolios are in response to retail and institutional demand for funds where assets with different correlations will produce smoothed returns.”


The mist clears

Here we are in October – that most unpredictable of months. Big stockmarket shakeouts happen in October. The Great Wall Street Crash of 1929, the Yom Kippur war in 1973, Black Monday in 1987 – all happened this month. This is meant to be the season of mists and mellow fruitfulness. It is also the month when seasoned investors are on the lookout for banana skins and the fact that, at the end of September, Wall Street reached its highest levels since 2000 will probably heighten investors’ nervousness.

Lomax quits Misys after failed MBO

Misys chief executive and director Kevin Lomax has quit ahead of the AGM this week. There has been strong criticism from shareholders after Lomax led a failed MBO bid, with reports that several institutional shareholders were going to vote against his reappointment to the board. Chairman Sir Dominic Cadbury will take on his responsibilities until […]

Capita appoints Bill Grimsey as new NED

Capita has appointed Bill Grimsey as a non-executive director, effective from 9Non Executive Director, with effect from October 9.Grimsey has held a number of high profile directorships and senior managementpositions across the retail sector over the past 20 years. From 2001 to 2005, he was chief executive of The Big Food Group. He was appointed […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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