Meeting individual fund managers is a waste of time because of the difficulty in gauging other people, according to New Star head of investment fund of funds Mark Harris.He told a Money Marketing multi-manager round table that he will only visit fund managers for a specific reason and cited research from James Montier at Dresdner Kleinwort which claimed that visits add little value. Harris said: “We do not do many visits. People are far too confident of their ability to assess people when they meet them.Visits to management are often a waste of time because you are fooling yourself if you think that you can spot a liar.” But Gartmore fund of funds manager Marcus Brookes said his team carried out 542 company visits last year. He said: “The only way for us to understand what is going on properly is to meet the managers.” Jupiter director of multi-manager John Chatfeild-Roberts said he carried out 80 meetings last year while Credit Suisse multi-manager co-head Gary Potter said that with the better research tools available today, fewer visits were needed now. More multi-manager round table reports, p12-13
Research conducted among 1,400 intermediaries has revealed increasing demand for mortgages with flexible features. The survey by specialist lender UCB Home Loans found that 69 per cent of advisers reported an increase in the number of applicants requesting flexible features on their tracker mortgages last year.
McCarthy surprised many in the industry by seeming to morph into industry analyst Ned Cazalet while making a speech to pension industry leaders at Gleneagles. He called for urgent changes to the financial services distribution model, which he says is failing consumers, providers and advisers.
Housing minister Yvette Cooper has urged more lenders to join the Openmarket Homebuy scheme to help to reduce rates. The scheme to help key workers and first-time buyers launched this week but without one of the expected quartet of lenders. Advantage, Nationwide and Yorkshire Building Society are all on board but Bank of Scotland says […]
Standard Life head of pensions policy John Lawson says the actuarial profession is to blame for firms offering “bungs” to employees to opt out of final-salary schemes. In Money Marketing last week, president of the Faculty of Actuaries Stewart Ritchie said IFAs will be made the scapegoats if staff complain they lost out by accepting […]
This month will see the release of a TV advertising campaign to raise awareness of auto-enrolment among small and micro employers. It arrives before an unprecedented number of businesses approach their staging date.
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The Financial Services Compensation Scheme estimates it will pay out £6m over collapsed discretionary fund manager Strand Capital. An administrator’s report published earlier in January shed light on a host of failings that led to the collapse of the firm, which was put into special administration back in May last year. London-based Strand, which had around […]
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