View more on these topics

ING could take 500,000 away from brokers, claims Cleary

ING Direct could end up taking half a million customers away from the broking market, according to Edeus managing director Alan Cleary.

He said the launch of ING last month as a direct brand could spell trouble for brokers even though the firm has pledged to sell through intermediaries eventually.

However, Cleary doubts that it will ever use brokers and expects the lender to replicate its success in the direct savings market where it is widely seen to be offering some of the most attractive rates. Last week, John Charcol senior technical director Ray Boulger said he only expects ING to use brokers when they realise they need them.

ING has received praise since its launch for its transparent products that do not include an exit fee, while its flexible offering does not have any fees at all.

Cleary said: “ING is a threat as it has a track record of being very successful by marketing simple mainstream products and it will be successful. The broking market could have lost half a million customers because of it.

“You will always have new entrants with different strategies and it says it will eventually use brokers but that is like me saying I will eventually win the lottery.”

Recommended

‘IFAs need style counsel’

Fidelity says rapid growth in the multi-manager market has led to different product types, which means IFAs need more information on how these strategies work. The firm says multi-man-ager has become a “must- have” product and its latest research shows that 82 per cent of advisers are using multi-manager products. Fidelity sets up its first […]

Kiddie quits Barings for ABN Amro role

David Kiddie has unexpectedly left Barings, where he was head of global equities, to take over as chief investment officer at ABN Amro Asset Management. Barings fund manager Tim Scholefield will step up to replace Kiddie just six weeks after joining the fund company. Scholefield will continue to run the £28m global growth fund. Kiddie […]

The bear essentials

Ihave focused on one of the Miton Optimal funds – the strategic fund – already. It has had a hard time this year due to a big cash bias and its limited ability to buy into alternative asset classes. Miton therefore proposes to launch the Arcturus fund, which will be a non-Ucits retail scheme taking […]

Frexit & contagion risk in Europe

Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune’s Rob Burnett discusses the likelihood of this happening. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide for future […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment