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Hawksmoor counters cautious claims

Multi-manager Hawksmoor believes it is difficult, if not impossible, to legislate that a fund is being managed cautiously.

Its comments follow criticism of some funds for exceeding the IMA cautious managed sector limit for equity exposure.

The firm says cautious means different things to different people and it can be difficult to classify some investments within the IMA guidelines of up to 60 per cent in equities, at least 30 per cent in cash and fixed interest and at least 50 per cent in sterling and euro-denominated investments.

Some equities are lower risk than some bonds, which complicates the idea that equ-ity exposure needs to be limited while a minimum exposure to base currency assets and fixed-interest securities is needed to control risk.

Chief investment officer Richard Scott says: “We think it is incumbent on the fund manager to clearly communicate with investors what they see as their mandate in terms of running a cautious fund.”


Santander and Barclays get most customer complaints

Santander has emerged as the lender with the highest number of customer complaints relative to the number of customers after the FSA ordered banks to publish complaints data. The bank received 216,158 complaints in the first half of the year, 7 per cent down on the previous year, giving it the highest ratio of complaints […]

Multi-manager chief Cheeseman quits F&C as funds go to Thames

F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range passes over to Thames River Capital. F&C manages £600m of multi-manager funds within its retail range, which will pass across to Thames River co-heads of multi-manager Gary Potter and Robert Burdett, subject to regulatory approval. This would see Potter and […]

Make a clean break

John Cassidy, tax investigations partner at PKF (UK) LLP, explains the benefits of using the ground-breaking agreement between HMRC and Liechtenstein to come clean on tax arrears

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles


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