The Investment Funds Association is for those who have designed Oeics and choose to outsource the investment management or form a full discretionary service with their clients and manage the funds internally.
The group is looking to offer a united voice to investment managers, life companies and regulators. The association will also share best practice and will outline a commitment to excellence, transparency and accountability.
Founder members include the IFAlliance, Anthony Harding & Partners Limited and the Fry Group.
An Oeic is established through an Authorised Corporate Director, with approval from the FSA. The IFA acts as distributor and can employ external professional fund managers to handle asset allocation and management of the investments or, if authorised as a discretionary manager, manage the Oeic internally. An investment committee has responsibility for issues including performance measurement.
IFAlliance managing director and chairman of the association Andrew Perkins says: “This is a new model and one that is all about choice for the investor, therefore one of the things we want to achieve as an association is to promote a wide understanding of the benefits offered to the client,
“As like-minded businesses we also appreciate the universal benefit of a single voice in dealings with the Financial Services Authority, investment managers, life companies and other IFAs and wealth managers.”