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IFAs question fund managers for suspending trading in wake of New York destruction

Fund managers are being slammed for their decision to suspend trading in response to the market uncertainty cr eated by yesterday&#39s terrorist attacks on the New York financial district.

IFAs are accusing fund managers of degrading the value of unit trusts as compared with direct equity investments as scores of fund managers suspend trading. Fund managers had argued that the present market levels were unrealistic and wanted to wait for trading in New York to recommence to see the extent of any collapse before returning to the market.

Hargreaves Lansdown head of research Mark Dampier says: “It is making unit trusts look like second rate investment vehicles compared to directly invested equities. The market is open, the fund managers should be trading. This is not good for the industry.”

Some analysts are also predicting a co-ordinated 0.5 per cent cut in interest rates by the US Federal Reserve, European Central Bank and Bank of England to help fend off the threat of recession caused by the terror attacks.


Our view of the retail review

One promise to readers from the editor and staff at Money Marketing – atno point in this process will we censor or compromise our coverage of thereview process in order to gain the dubious distinction of getting to astory first. If we have to print an article a week after some of our moredove-like competitors, […]

Robert Clifford

Lives: Belper, Derbyshire. Born: March 9, 1968 in Nottingham. Age: 33. Education: South East Derbyshire College,A Level Maths, Psych-ology,Theatre Studies and Art. FPC1,2,3, Cemap. Career: Marketing manager Advance Mortgage Systems 1989, director ofmortgage services at Whitechurch Securities 1991, partner then managingdirector of MP between 1992 to 1997, group managing director forBishopscourt Financial Holdings between 1997 […]

Exclusive Connections moves beyond 100 per cent

Exclusive Connections has unveiled a flexible 100 per cent mortgage that has a 1 per cent discount for the first two years.The mortgage has a current payable rate of 6 per cent and allows borrowers to overpay, underpay and take payment holidays. But they cannot make lump sum withdrawals. Interest is calculated monthly and Exclusive […]

Pink takes bow on buy-to-let stage

Pink Home Loans has introduced a four-year fixed rate buy-to-let mortgage that is available for loans of up to 85 per cent of valuation.The mortgage is fixed at 6.99 per cent until September 30, 2005 and allows up to five properties to be purchased within a total advance of £500,000. If borrowers redeem the mortgage […]


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