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Money Portal set for Fof deal with Bates buy

The Money Portal is planning to launch a fund of funds’ operation through Bates Investment Services when it buys a discretionary business.

TMP is looking to buy a discretionary business as part of its expansion plans, giving it power to buy and sell underlying funds and move into the fund of funds’ sector.

Bates and TMP have been running a model fund of funds’ portfolio since January and the specialist investment IFA claims that performance has been “considerably better” than some of its competitors offering fund of funds to the retail market.

Bates currently has a deal with Axa, Skandia, Jupiter and Credit Suisse to offer their multi-manager funds and head of investment strategy James Dalby says it is likely that these funds would still be available to TMP customers alongside an in-house product.

Dalby says: “It is the intention of TMP’s directors to build this capability. Running a model portfolio helps to validate our research capability and while it does not exist yet in the market, our fund of funds is certainly real in terms of the effort we are putting into it.”

TMP chief Richard Craven says: “We have a highly cred- ible research function in Bates and we wanted to prove the team’s alleged intellectual capital. The performance of the model fund of funds’ port- folio has been staggeringly good relative to many professionals in the field.”

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