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Investec shuns equity income

Investec Asset Management managing director David Aird says the firm will not try to compete in the equity income sector and is focusing on expanding its cautious managed and global equities funds.

Investec has 26 UK funds but none in the highly competitive equity income sector but Aird says the cautious managed fund run by Alastair Mundy has just passed the 1bn mark and has taken 25 per cent of all IFA inflows to the sector over the last 12 months to June.

He says the fund has agreed links with 20 UK life comp- anies over the last three-and-a-half years and it is starting to see sales momentum after the firm made 12,000 presentations in two years, pitching the fund to IFAs as an altern- ative to with-profits.

Aird says Mundy has consistently taken out a put option for a small part of the port- folio as insurance against a market fall.

Investec’s sales and mar- keting drive will aim to exp-and the fund to 4bn within 18 months.

The firm is also looking to aggressively expand Mark Breedon’s 200m global free enterprise fund to take advantage of renewed interest in high alpha global equities.

Aird says: “You make the quantum leap in assets by making your core propositions world class.

“We are being very specific about where we want to build the brand and cautious managed and global equity are our two main drivers.”

“Global equities is a big sector but the competition is not as great as UK equity. It is good to be a big fish in a small pond when it starts to grow.”


Misys gets an offer

Misys says it has had an offer for the firm and due diligence is to be carried out.

IMA rebuffs ABI on provider choice

The IMA has rejected ABI proposals to give employers the flexibility to choose between providers to handle their employees’ savings in its response to the Pensions White Paper. It proposes a fully “diversified default fund” overseen by the NPSS board for employees who do not want to make investment decisions.

Duty of care to tackle debt crisis

Tim Sutcliffe of the PI Consortium says lenders must share responsibility for consumers’ spiralling borrowings

PPI says reforms lack foundation

The Pensions Policy Institute says the reforms do not provide the certainty of a solid state pension foundation to help with the introduction of auto-enrolment into personal accounts. It warns that personal accounts may damage existing pension saving but it backs plans to raise the state pension age.

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


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