View more on these topics

Former New Star CIO Alan Miller launches new firm

Former New Star chief investment officer Alan Miller has unveiled his new business venture that he says will look to revolutionize the private client wealth management industry.

Spencer-Churchill Miller Private is planning two offerings to be based purely around the use of exchange traded funds.

The first product will be managed in the same vein as a managed pension fund. The product will have a long-term bias towards equities with a benchmark exposure of 70 per cent. Bonds and cash will account for 22.5 and 7.5 per cent of the portfolio respectively.

The second offering is set to be an absolute return offering that will be managed on a more aggressive basis, with the aim of beating cash by 5 per cent.

Both will make use of a number of liquid ETF’s and will have a minimum investment of £1m. The two products will have an annual management charge of 0.75 per cent with a performance fee of 5 per cent.

All investments will be held in the client’s own name via Pershing Securities Limited, a Bank of New York Mellon Corporation subsidiary.

Despite research from Spencer-Churchill Miller Private that shows that the wealth management sector is growing, Miller says many clients of wealth managers have received a dreadful service which has been highlighted by the recent fall in markets.

He says: “The status quo of the City has been maintained by taking advantage of clients’ loyalty through poor performance often being combined with high management charges and dealing costs. We have been astonished why various fund managers should unashamedly charge their clients various mark-ups from third parties rather than just receive a pure investment management fee for offering a pure investment service.”


AIG Life in fund distribution

AIG Life is paying out £100m, or just over 5 per cent, to investors in its protected recovery fund on June 6.

Clarkson Hill posts £669K loss

IFA Clarkson Hill has posted a £669,000 pre-tax loss for the 17 months to December 31 2008 due to “extreme economic conditions.”

Shape shifting

While out the other evening with some of the good, good people of Lazard Asset Management, a fund manager told me that he was no long feeling as optimistic about the outlook for the global economy as he had been.

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Francisco Martin 19th May 2009 at 6:08 am

    Not so NEW
    The concept is not so “new”. Martin Asset Management, LLC ( has been managing ETF-based strategies since 2007.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm