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Investec switchesto &#39IFA-only&#39 sales

Expanding fund management house Investec Asset Management has thrownits weight fully behind the IFA market.

The firm, formerly known as Investec Guinness Flight, says it intends to become “almost exclusively IFA” and has dropped all its direct marketing following a swathe of IFA-focused appointments.

The shift comes as it launches a fund focusing on the telecommunications sector and old-industry companies that are making wide- spread use of new technology to grow their businesses.

The Dublin-based Wireless World fund, to be launched in September, will be eligible for Isa investment and will be marketed primarily through IFA channels. It follows the success of the US Wireless World fund, which has raised £26.3m since it launch three months ago.

The new fund will be managed by an international team based in the US, Hong Kong and the UK. The head manager will be Nigel Dutson, one of the high-profile industry figures Investec poached from Schroder&#39s UK equity team.

Investec stresses this will not just be another tech fund, but will invest both in the major players in the telecom sector as well as old-economy companies that have repositioned themselves by using new technology.

The fund&#39s offshore predecessor, the Investec Wired Index fund, has taken £250m since its launch in October.

Investec managing director Jamie MacLeod says: “We know there is an appetite among investors for this product. People are beginning to appreciate wireless technology. I am absolutely committed to the IFA sector. I am spending all my cash on IFAs, not on direct marketing.”

Chamberlain de Broe technical director Mark Bolland says: “Investec is a key fund management team. Investors are going to be looking for these kinds of stocks. But, I would be a bit worried about something that may be too geared towards telecommunications companies.”

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