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Funnell defends fund fee

GLG, the outsourced manager of Virgin Money’s new climate change fund, has responded to adviser criticism of the product by claiming it is a progressive step in the market.

Advisers have questioned the fund’s green credentials and the 20 per cent performance fee for beating bank base rate.

Fund manager Ben Funnell says the fund focuses on all companies looking at making environmental change rather than just highly volatile providers of renewable energy and clean technology solutions.

Funnell says: “We are here to preserve capital and do not want to offer a performance fee for something that will ultimately lose investors money.”

Virgin says the fund is ideal for someone who wants a position in European equities and environmental benefit with no pick-up in volatility.


Broker Talkback

Is the FSA justified in increasing adviser fees by 10 to 15 per cent to pay for the costs of its treating customers fairly initiative?No 100%No “Given the amount of money that the FSA spends on parties and artwork, why can’t it get it back somewhere else instead of piling it on to IFAs?”Ashley Clark, […]

Jelf makes three acquisitions

Jelf Group has bought adviser firm Manson Insurance Group and insurance brokers Bartlett Davies Bicks and Carter & Co Risk Management.

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 […]

Strong sales rise for St James’s Place

St James’s Place saw business figures rise by 23 per cent last year to £428.6m from £349.1m.Investment business was up by 27 per cent, from £186.5m to £236.0m and pension business rose by 23 per cent,from £140.1m to £172.3m. Protection sales dropped by 10 per cent from £22.5m to £20.3m.Chairman Mike Wilson says the firm […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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