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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.”


71% Of people contracted out will be worse off, says Which??

It has sent its findings, based on scrutiny of 108 individual cases, to Pensions Minister Stephen Timms and the FSA, calling the situation “a scandal”. Which? claims it found that 71 per cent who contracted out will only get 80 per cent of what they would have got if they had stayed contracted in. Editor […]

New firm offers hedge fund commission deal

A former Fundsdirect director has set up an introduction company which will negotiate commission for advisers selling hedge funds. Insero Capital is negoti- ating introducer arrange-ments with several hedge fund firms, securing initial and trail commission for advisers along with a cut of any performance fee. Founding director Rikos Leong-Son, who was sales and marketing […]

Investec recruits sales director

Investec has appointed John Tevenan from DWS as its London sales director. He will focus on City and West End intermediaries and wealth managers, promoting the full range of Investecs products. He was previously head of discretionary sales at DWS, focussing on London and the Channel Islands.

Schroders’ funds under management hit 20bn

Schroders expanded its business more than any other major fund company last year, increasing its retail funds under management by almost half to 19.8bn. The UK fund industry review 2005 shows that Schroders increased funds under management by 49 per cent, from 13.3bn to 19.8bn. Its nearest rival among firms with over 10bn under management […]

Treasury looks to address advice gap

By Jamie Clark, Business Development Manager, Royal London Hot on the heels of consultations on tax relief and pension transfers and early-exit charges comes a new investigation into the advice gap, and how this can be bridged. Ever since the new pensions freedoms were introduced, concerns have been raised about how people can get access […]


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