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Income-seeking Isas dominate Cofunds top 20

Sales figures from IFA fund supermarket Cofunds show that income-seeking funds were by far the most popular choice in the recently closed Isa season.

The number of incomeseeking funds in Cofunds&#39 top 20 best sellers has more than doubled this year and represents 16 funds from seven in the previous season.

No smaller company, European or specialist funds made it into this year&#39s top 20 while the number of UK funds has increased from 14 to 17. Distribution funds also make headway this year, with the Jupiter distribution and the New Star managed distribution funds entering the top 20.

Only four equity income funds made the top 20 in the 2002 season but eight funds feature this year, including the two most popular, the Credit Suisse income fund and Liontrust first income fund.

Sales and marketing director Rodney Aldridge says: “Income-seeking funds account for over 80 per cent of the top 20 selling funds. This is the fist year we have seen any cautious managed funds in the top 20, highlighting the investor&#39s need to maintain a balanced and diversified portfolio in a range of assets while reducing their equity exposure.”


29% boost in business for Hay

Abbey National&#39s specialist pensions administrator James Hay Pension Trustees has seen a 29 per cent rise in its corporate business for the first quarter.

&#39Merging small funds could save £700m a year&#39

The UK fund industry is wasting £700m a year running small, inefficient funds which should be merged to slash high cost-to-income ratios, according to Mercer Oliver Wyman. It estimates that 55 per cent of the 2,000-plus funds in the UK have less than £40m under management, which Mercer reckons is the threshold needed for firms […]

Aifa sets up new body for loan advisers

Aifa is urging mortgage advisers to join its new trade association. The Association of Mortgage Intermediaries will operate as a division of Aifa with its own board which will determine policy on mortgage intermediation. Chairman will be TQ Mortgage Service chief executive and former Namba steering committee chairman Charles Gooding. AMI fees range from £160 […]

Brokers in legal threat as Pru pulls protection plug

A leading protection broker is threatening a class action law suit against the Prudential after it raised premiums and withdrew guarantees on new and pipeline critical-illness business. Many IFAs are outraged and are vowing never to place business with the Pru again. Thousands of cases are affected by the move even though many applications were […]


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