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Gartmore sees further outflows in key areas

Gartmore saw outflows in its equity and absolute return ranges last month, coinciding with massive withdrawals from its European absolute return fund.

The assets under management of its flagship European select opportunities fund declined from £1.69 billion to £1.5 billion, although the fund lost only 3.6 per cent over the period, according to figures from Gartmore and Morningstar.

Investors withdrew despite the fact that Roger Guy, the prominent European manager whose resignation propelled Gartmore into a strategic review, was no longer running the product.

Assets under management in Guy’s European absolute return fund fell 87 per cent following his resignation.

Elsewhere in Gartmore’s long/short equity range, the Japan Absolute Return fund shrank from £26.9m to £8.4m, despite returning 0.11 per cent over the period, according to Financial Express.

AUM in the UK absolute return fund also declined from £260m to £235.6m, despite the fund only losing 0.97 per cent.

The British equity range also saw assets leave. The size of the UK Equity Income fund declined from £171m to £161.7m, despite 2.5 per cent losses. The UK Growth fund saw outflows which helped reduce its size from £183.5m to £174m, despite a negative 1.19 per cent return for the month.

In the equity range as a whole, the US opportunities fund also saw outflows. AUM shifted from £202m to £194.6m despite 5.65 per cent positive returns.


Lending drops to lowest November total since 2000

Gross mortgage lending dropped to its lowest November total since 2000 last month, according to the Council of Mortgage Lenders. Lending reached £11.1bn in November, which is a 5 per cent drop from the £11.6bn advanced in October and 10 per cent lower than the £12.3bn advanced in November 2009. The latest figures mean it […]


We are not witnessing the death of annuities

The financial crisis has wreaked havoc on people’s personal finances over the past three years, so much so that few areas have escaped. Shares have been volatile, mortgages difficult to get while savings rates have been at rock-bottom levels. Yet there is another area that has also been severely hit – annuities. Annuity rates have […]


FSA warns IFAs on Ucis sold through Sipps

The FSA has stepped up its attack on unregulated collective investment scheme sales and raised concerns about Ucis sold within a Sipp. Speaking at an FSA investment managers and private equity event in Canary Wharf last week, head of savings and investments Linda Woodall said in some cases IFAs have told customers to remortgage their […]


Suffolk Life’s John Moret retires

Suffolk Life’s director of marketing John Moret is to retire at the end of the year. Moret has worked in financial services for the past 40 years and is known in the industry as ‘Mr. Sipp’ having spent much of his time promoting the products. He joined Suffolk Life in 2004 following a four year […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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