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IMA launching sector monitor

The Investment Management Association is this week launching a monitoring system aimed at helping investors to make easier and more effective comparisons between funds.

Designed by fund information company Lipper, the system will monitor the portfolios of 2,000 funds classified by the IMA and will switch any that consistently fail to meet the terms of their definitions into more appropriate sectors.

Funds that refuse to supply full data and those not marketed to retail investors will be reclassified within an unmonitored sector, due to be introduced on October 1. Funds that drift from their remits could also lose their ability to make relative performance comparisons with their counterparts.

The system will initially focus on the UK all companies sector but will begin monitoring the remaining equity sectors in October and the mixed/bond sectors in March 2003.

Although there are no plans to monitor the guaranteed/protected, index, bear, pension or property sectors, the scheme may be expanded to include these as it matures.

The IMA says it has secured 100 per cent commitment from retail fund managers to participate and has so far collected data from around 65 per cent of funds, accounting for more than 85 per cent of assets under management.

Head of statistics Dorian Carrell says: “The monitoring project will not only increase the robustness of peer group comparison figures but will also reassure investors that the funds are consistently invested in accordance within the parameters of the IMA sector definitions.”


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