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Just £14m for M&G Fof launch

The M&G Cazenove fund of funds operation, developed to challenge major rivals, has taken less than £15m since its launch in February despite a £1m advertising blitz.

The joint venture&#39s portfolios – growth, UK growth, balanced managed and cautious managed – have raised just £14m. Credit Suisse&#39s Fof raised more than £40m in its first eight months two years ago.

Credit Suisse managing director Ian Chimes says: “Although there is a lot of multi-manager money around, it is going to only three or four players. There does not seem to be enough left for some groups to even cover their costs.”

M&G managing director Phil Wagstaff says: “We are happy with the rate that money is coming in. It started slowly but has continued to build.”


Life offices still face tough time despite market boost

Rating agency Fitch is warning against complacency and over-confidence in the UK life insurance sector despite the recent lift in equity markets and it is maintaining its negative outlook for the sector.Fitch says there are still “significant challenges and difficulties ahead”, with consolidation meaning that the weaker and “less well positioned” players will continue to […]

Standards are set out for financial skills framework

The National Learning and Skills Council and the Skills Council for financial services have released a new standards framework for financial services in a bid to develop work-based qualifications among financial advisers.The move comes as an attempt to take forward the exam review, which has been handed over to the Skills Council from the FSA.The […]

All change as HBOS tops table

HBOS has knocked Nationwide off the top of the PressWatch financial products table last month with 213 mentions in the national press.Nationwide slipped into second place despite praise for its campaign for clarity in the credit card industry while Northern Rock moved into third place from fifth last month.August also saw Legal & General jump […]

IFA accountants boost services at Three Sixty

Cheshire-based IFA accountancy specialists Personal Tax Partnership has joined support services group Three Sixty. Personal Tax Partnership, Laura Chuck and Sheila Huxley, provide accountancy, audit and tax planning services to directly authorised IFAs and network members.

UK housebuilders remain a value trap – despite post-Brexit falls

By Mark Martin & Holly Cassell, Neptune UK Equities As investors continue to digest the UK electorate’s vote to leave the EU, Neptune’s Mark Martin and Holly Cassell explain why they believe housebuilders remain dangerously overvalued Click here to view full article Important information  Investment risks  Neptune funds may have a high historic volatility rating and […]


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