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HNW clients to get benefit of changes

The FSA plans allowing funds of hedge funds will mostly benefit high-net-worth clients, says BestInvest’s Justin Modray.

He believes current levels of exposure are already sufficient for standard clients looking for diversification.

Modray told the round table meeting he believes having exposure to quoted hedge funds on the London Stock Exchange and onshore Ucits III vehicles should satisfy the majority of current demand despite the fact there are only a handful of Ucits III vehicles currently available.

Modray said the majority of clients will look to diversify in a Isa/Pep in hedge funds by using a Ucits III onshore vehicle, saying they are an ideal way to get a limited exposure.

He said: “It is somewhat limited in comparison with a fully fledged fund of hedge funds but it is what clients are looking for in terms of basic long/shorting, with some downside protection with upside coming in the longer term.

“For higher-net-worth clients, there is more of a demand for fund of hedge funds and single-strategy vehicles. The problem for advisers is qualifying the risk as we are not experts in that arena. We have to rely on fund of hedge fund managers.”


System problems thwart changes to 70-plus cover

Icob advisers are still unable to sell life policies maturing after age 70 because most providers have not changed their systems since the rule change, says Direct Life and Pensions sales and marketing director Richard Verdin. He says Icob advisers are frustrated because many providers are unable to offer quotes and process business. Verdin says: […]

HBOS keeping retention pay despite slump

HBOS says it will retain retention payments to brokers despite admitting that last year’s retention strategy was an error of judgement which caused a big drop in market share.Its share of the lending market was halved in the first six months of 2007 to less than 10 per cent from its normal range of 15 […]

First insurer signs up for Lifequote system

LV= has signed a deal to use Lifequote’s Intelligent Protection software in its advisory arm.More than 100 advisers, including Skipton and Dunfermline building societies, Alexander Hall and John Charcol, use Intelligent Protection but this is the first time a life office has taken it up.Intelligent Protection allows advisers to tailor a protection plan to a […]

Barclays’ challenge to IFAs is laughable

Thank you, Money Marketing, I never imagined that your paper would ever give me a good belly laugh but the headline in your June 14 edition certainly did. So Barclays think they are going to take business away from IFAs? Excuse me while I wipe away my tears of mirth. Hardly a day goes past […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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