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Investec gets the go-ahead to switch trusts into Oeics

Investec Asset Management has been given the go-ahead to convert its range of 14 unit trusts into two Oeics over the coming month.

Unitholders voted overwhelmingly in favour of the conversions, which will take place at the end of November and in mid-December, at an EGM last week.

Managing director Jamie MacLeod says he had taken a risk to proceed with the conversions during such difficult market conditions but he says he was always confident that the proposals would be successful.

Investec has had a strong year, with retail sales up by 60 per cent year on year despite volatile markets and the onset of a buyers&#39 strike.

MacLeod says: “We are bucking the trend but it has not been an easy ride. We have worked hard across management, fund management, sales and marketing to put in place the infrastructure for enduring success, hiring the very best people we can get.

“We distribute almost exclusively through IFAs, and have worked hard to deliver to them the product integrity, performance and customer service excellence they are looking for.”

Bates Investments senior investment adviser Paul Illot says: “They have come on leaps and bounds over the past two or three years. They managed to recruit Albert Morillo for the Investec Euro-pean fund, and he has successfully turned the performance of that fund around. My impressions of the firm are very favourable.”


Buoyant GPPs to the rescue as stakeholder sags

The FSA is concerned about low sales of stakeholder pensions – an event so predict-able it could have been printed on any financial services calendar for winter 2001.Readers should note that the official line is that stakeholder will receive the same scrutiny as any new product but the “line from officials” is slightly different.Specifically, the […]

Public are backing Polarisation

IFAs have had a ringing endorsement from people who buy financial products, with 89 per cent saying they know what the term independent means, according to research by Aifa and IFA Promotion.The survey reveals over 60 per cent of consumers would choose an IFA over tied agents.Aifa says this response from 500 consumers shows “clarity […]

Northern Rock offers double helping

Northern Rock has introduced the second issue of fifty-fifty, a combination bond that is split equally between high interest account and a guaranteed equity bond.The high interest account element is a two-year fixed rate bond paying 6.5 per cent gross a year until December 1, 2003, which is 0.5 per cent lower than the previous […]

Hargreaves Lansdown to offer franchise for IFAs

Hargreaves Lansdown is planning to franchise a full range of investment services to other IFAs including access to its research department.Writing in this week&#39s MM, chief executive Peter Hargreaves says there are many IFAs not in networks and missing out on the advantages of research departments and technology. They are more likely to keep clients […]


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