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Husselbee set to run refocused CiF fund

Neptune’s multi-manager subsidiary North Investment Partners, headed by John Husselbee, will embrace the full inv- estment flexibility of Ucits III if its proposed appointment to manage a restructured City Financial fund is accepted by the fund’s shareholders.

City Financial will create the diversified absolute return fund by changing the name, objective and investment remit of its existing global health fund, subject to a shareholder vote on September 13.

The company regards the focus on global healthcare as too narrow and volatile for those investing for long-term growth. It believes a multi-manager, multi-asset portfolio, outsourced to North, will be better placed to reward investors. Husselbee will be responsible for asset allocation and selecting the underlying investments.

Ucits III has made wider investment powers available to the fund but these cannot be used in full unless the changes are made. If the proposals are accepted, the initial charge will reduce to 5 per cent from 6 per cent and the annual management charge will fall from 2 per cent to 1.5 per cent.

The fund had a global remit when City Financial was established in the 1960s and current chairman Robert Hain believes the proposals will bring the fund back to its roots.

Hain says: “John Husselbee has an enviable reputation as a multi-manager. The reason we chose him is that we think he will be the best at combining traditional multi-manager techniques with new structures.”


MLC launches funding package for advisers

MLC is to launch a loan package for financial planning firms in conjunction with sister company Clydesdale Bank.The MLC Strategic Partner Funding Program bases lending against a financial advisory firms cash flow stream as opposed to the traditional method of security over assets.MLC and Clydesdale Bank, both members of the National Australia Bank Group, say […]

‘Network members being damaged by weakest firms’

Good quality IFA firms are having their reputations damaged by the actions of lesser companies in the same network, warns Threesixty Services. The support services firm believes that IFAs delivering best practice are being implicated unfairly where the FSA turns the spotlight on a network because of the actions of firms that might deserve to […]

The MM Profile: David Hollingworth

David Hollingworth finds introductions at parties somewhat difficult. When the question, “What do you do?” crops up, Hollingworth find his response of “mortgages” tends to send people running for the door.

Harris turns the tables on sky-high fees

Savills Private Finance managing director Mark Harris has sparked fierce debate by claiming that mortgages with high arrangement fees should be dumped from best-buy tables.


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