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FundsNetwork Fofs tackle RDR challenge

FundsNetwork is adding five fund of fund portfolios to its platform to help advisers deal with the regulatory changes expected from the retail distribution review.

The PortfolioManager funds range from a defensive strategy, which contains only 10 per cent in equities, 5 per cent in property and 85 per cent in UK bonds, through cautious, balanced, adventurous and aggressive styles.

The aggressive portfolio is 100 per cent invested in equities, with 10 per cent in the UK, 70 per cent in developed markets and 20 per cent in emerging markets.

The funds, launched this week, will be run by Fidelity’s multi-manager team led by Simon Ellis. All the portfolios can be used with the full range of tax wrappers and FundsNetwork’s other tools.

Two share classes will be issued – one for commission and one for fee-paying clients, allowing IFAs to offer the same service to different segments of their client bank.

Head of sales and marketing Rob Fisher says the total expense ratio will depend on the risk/reward variations, from 1.45 per cent at the lowest end with no commission up to 2.25 per cent including commission.

The portfolios will invest in FundsNetwork’s range of 1,100 funds, as well as providing access to more specialist investment houses such as Goldman Sachs.

Fisher says: “We hope this will give maximum flexibility, allowing advisers to use just one vehicle regardless of the segmentation of their client bank, whether they take commission or fees. All the portfolios are offered on the platform and you get the full risk/reward, depending on the client’s attitude.”


Transact profits take off

Transact’s profits nearly doubled in its past financial year, allowing its parent company to pay a dividend to shareholders of 600,000.Profits rose from 4.11m to 7.75m for the year ending September 30. Parent company Integrated Financial Arrangements has paid out a dividend of 60p.Transact head of marketing Malcolm Murray claims Transact is handling the “lion’s […]

Pada is urged to publish its calculations

Aegon is calling on the Personal Accounts Delivery Authority to publish the assumptions it is using to calculate charges.The firm says it is of strong public interest for Pada to publish models showing costs depending on how many people join, how much they invest and how long they invest for.It wants to know how Pada […]

Jelf Group acquires three new businesses

Jelf Group has announced its acquisition of Manson Insurance Group, Bartlett Davies Bicks Ltd and Carter & Co Risk Management Ltd, bringing its total amount of insurance and healthcare premiums to £320m.The Manson Group focuses on financial services, general insurance and healthcare and the acquisition will increase the amount of premiums that Jelf places with […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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