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IFA committee to oversee Threesixty cautious fund

Threesixty is giving its IFA clients the chance to influence the running of its new cautious managed fund.

Premier Asset Management, will which manage the Kingsway managed income fund, will meet a quarterly committee made up of six IFAs who have the most assets invested in the fund at that time.

The fund will aim to outperform a composite benchmark which will initially be set at 50 per cent of the FTSE All Share and 50 per cent of the FTSE All Stocks indices. Variations in asset allocation away from the half equities, half bonds split will have to be justified to the committee, which will have the power to replace the manager and reset the benchmark according to circumstances.

The fund, unveiled at Threesixty’s annual national accounts briefing, will invest primarily in other funds but can have direct holdings in equities, bonds and cash.

Only income shares are available but a facility to reinvest income is offered.

The initial holdings include Baillie Gifford corporate bond, Axa Framlington monthly income, Jupiter income and Liontrust first income.

Initial charge is 5.55 per cent with an annual fee of 1.5 per cent. The estimated total expense ratio is 2.51 per cent. Commission is 3 per cent initial and 0.5 per cent annual.

Threesixty partner David Ingram says: “There was a clear message from the regulators after the Sandler review on the importance of clarity around asset allocation. It is important that investors know what they are investing in. They also tend to like steady returns with a tight management of risk.”


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