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IFAs want Mom index

Standard & Poor&#39s is to consult with clients over the results of a Money Marketing poll that showed huge backing for a multi-manager index.

The fund ratings agency admits it is intrigued and surprised by the result of the online survey which showed that 92 per cent of IFAs would find it useful to have an index that specifically rates the performance of the multi-manager sector.

S&P had no plans to develop a multi-manager index and had said the future possibility of one would depend on demand from clients.

However, after mulling over the results of the Money Marketing poll, press officer Louise Collins says clients will be consulted.

Funds of funds are presently placed into the catch-all managed sectors that also contain diversified singlemanager funds.

Collins admits there had been no obvious demand for a multi-manager index but says S&P is keen to develop new business opportunities.

She says: “The results are intriguing and are surprisingly high. It certainly shows an overwhelming majority. We speak to our client base regularly about new issues that come up. This is a new issue. Yes, we will talk to them about it.”

Isis director of communications Jason Hollands says: “I would support a multi-manager index but it would depend on how it was structured. You cannot lump fund of funds into one category.”

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