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Low-cost Fofs offer advisers equity stake in start-up firm

TCF Fund Managers has launched four low-cost funds of funds, offering advisers equity in the business in return for assets under management.
The total clarity defensive, cautious, diversified balanced and long-term growth portfolios will have maximum total expense ratios of 0.8 per cent, partly by reducing ann-ual portfolio turnover to 20 per cent or less. They will feature no initial, exit, switch or performance fees and do not pay commission.

The TERs will reduce from 0.8 per cent to 0.6 per cent as the funds gather assets under management and benefit from economies of scale.

TCF will offer advisers a maximum stake of 49 per cent in the business, divided according to the proportion of assets under management advised.
Advisers can decline to take a stake in the business if they feel it is inappropriate.

TCF Fund Managers founder David Norman says: “Reaction to the launch has been overwhelmingly positive as advisers look to offer a sensible investment proposition post-RDR.”

But Skerritt Consultants head of investments Andrew Merricks warns: “We have seen how quickly things can change and the TER saving could easily be offset by capital losses.”

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