SVM’s flagship hedge fund High- lander has seen 90 per cent of its assets walk after a period of sustained underperformance.The long/short European equity portfolio, managed by Colin McLean, has seen assets under management shrivel from euro 600m to euro 60m in the past two years. Swiss fund of hedge funds boutique Soprigest senior research analyst St诨ane Gosteli, who rates the fund a sell, says there is a concern that McLean is spending so much time marketing the SVM range that performance is suffering. After very good performance when markets tumbled – achieving a 27.7 per cent return in 2001 – the fund had returns of -8.45 per cent in 2003, 3.8 per cent in 2004 and -3.93 per cent this year to date, against a background of rising equity prices. Gosteli says a high turnover of assistant managers has not helped with continuity. He says: “At its peak, it was euro 600m. Now it is around euro 60m and the fund has not been performing well. I worry there was more focus on marketing than managing the fund. “McLean is a good manager and he works very well when the market is going down, even if he does not have a net negative position, but when the market improved the fund did not.” Chelsea Financial Services managing director Darius McDermott says: “The fund of hedge funds world is even more tough than the fund of funds world. “These managers have to look at short-term performance and, if a fund manager loses the confidence of a few fund of fund managers at the same time, then they can lose a lot of money.” SVM was unable to comment.
Norwich Union and Co-Operative Insurance Society have signed a distribution agreement for a range of NU products.The agreement will see NU providing four products to complement CIS’s existing product range.CIS’s 2,200 financial advisers will have access to a personal pension, a uni-linked bond and IHT planning via CIS’s sales force and a guaranteed acceptance plan […]
Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, meaning NU now owns 97 per cent of the platform.A deferred payment of up to an extra 6m could also be paid over the next four and a half years depending the achievement of certain targets.Millfield says the […]
Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, with an extra 6m potentially payable if targets are met. Millfield was one of the original investors in Lifetime in 2002, ploughing 3.25m into the platform. The deal now values the platform at 36m. NU’s stake has increased […]
Beacon Capital Holdings is entering into non-conforming lending with the launch of Beacon Homeloans. The lender will distribute exclusively through the Regulatory Alliance of Mortgage Packagers. The group now consists of its IFA arm, Beacon Asset Management and packager, Beacon Mortgages.
Political change and the ‘normalisation’ of interest rates mean 2016 is likely to be another interesting year. But what will it bring for equities – and bonds? Here, a number of Artemis’ managers share their views. Click here to read the full article
- Top trends
- Top trends
- Pension tax relief in firing line as Hammond mulls ‘intergenerational fairness’ Budget
- Scottish Widows mulls Standard Life corporate pensions book takeover
- Martin Lewis wins claim against PPI chaser that used his image
- Zurich: Retail platform is not for sale
- How much are advisers charging for pension transfers?
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
It is sometimes all too easy to forget that pensions are about income throughout retirement, especially when members are having huge capital sums dangled under their noses like juicy carrots. In final salary land, the current excitement over defined benefit transfers is driven by the enticing sums on offer. It is not surprising 80,000 people […]
Firms say they will finalise plans to move capital and staff across Europe by Q1 2018 Asset management firms expect to have their post-Brexit contingency plans in place by the first quarter of next year, despite fears of a lack of a deal between the UK and the European Union, a Member of the European […]
New entrants to the asset management space will not get authorised unless they meet the same high standards as incumbents, the FCA has said as it launches a hub for start-up fund firms. Earlier this week, the FCA said it would support new entrants to get their FCA permissions through a new suite of services, […]