View more on these topics

Japan equity funds have best month in five years

The Building Societies&#39 Association says it intends to fight Treasury proposals to force societies and banks to hand over unclaimed assets to charities.

The BSA says it has a found a clause in the legislation which exempts societies from the measures included in the Chancellor&#39s last Budget.

The Treasury gave banks and societies until November to reunite unclaimed assets with savers before redistributing the unclaimed cash to charities.

But the BSA says it has uncovered legislation that means money deposited by savers not claimed within three years is forfeited to the society.

If a saver pursues their money later, they can reclaim it but any redistribution is prohibited unless it is agreed by members.

BSA director general Adrian Coles will meet with senior Treasury officials and society chief executives in the next two weeks to discuss the position on dormant accounts.

The BSA believes any legislation brought in by the Government now could only apply to money deposited by savers from now and could not be backdated.

Cicero Consulting director Iain Anderson believes the Treasury&#39s move could indicate a swift change in direction on unclaimed assets. The Government has strongly opposed any introduction of redistribution of unclaimed assets to help pensioners.

BSA press and public relations officer Sarah Clark says: “The BSA believes that the position is slightly different for mutuals. The deposits made by an individual are used for the benefit of all members to provide good value savings rates and low-cost mortgages. We consider all money deposited as being put to good use, namely to enable people to buy their own homes.”

Japanese equity funds had their best month in March since June 1999 as the yen made significant gains against sterling, according to figures from Lipper.

The IMA Japanese smaller companies category rose by 22 per cent while the Japan sector rose by 16 per cent, helped by a 5.7 per cent appreciation of the yen against sterling. Japan&#39s strength boosted the Far East including Japan sector which wasup by 4.3 per cent while the Far East excluding Japan fell by nearly 1 per cent.

The best-performing funds were Legg Mason&#39s Japan equity fund, which gained 28.8 per cent, and Invesco Perpetual&#39s Japanese smaller companies fund, which rose by 27.5 per cent.

Most funds suffered much poorer performance, with only 699 of the 1,896 funds achieving positive returns. The worst-performing funds were the HSBC Hong Kong growth fund, which was down by 7 per cent, and the Unicorn smaller companies fund, which fell by 6.5 per cent.

UK equity funds had a poor month in March, with the smaller companies sector down by 1.3 per cent and the UK equity income sector down by 1.4 per cent.

Recommended

Eastender no match for pundits

After-dinner speakers at football matches are usually a low-rent assortment of booze-addled ex-players and past-it comedians but the hospitality organisers at the recent Champions League clash between Arsenal and Chelsea at Highbury decided to buck this trend with the frankly bizarre decision to employ Janine from Eastenders as a pre-game pundit. After being introduced by […]

Walker, Crips, Weddle, Beck – CF Walker Crips UK Growth Fund

Type: Unit trust Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Yield: 5.3% Charges: Initial 5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel:020 7253 7502

Ex-ZAN marketing chief poised to head revamped advice firm

Former Zurich Advice Network marketing director Kevin Ronaldson has been tipped to become the chief executive of the new-look Zurich UK advice operation once plans for its management structure have been finalised. Ronaldson, along with Zan finance director Steve Colsell, is heading the steering group designing the structure of Zan, which is expected to be […]

Points of interest

Mrs Watkins (W) died on December 12, 1999. Her house consisted of two flats – a ground-floor flat which was let and a first-floor flat in which she had lived with her husband (H). Her will included a gift of her house to her trustees on trust for sale, with directions that H might live […]

International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com