Cazenove Investment Fund Management has introduced a portfolio management service that provides access to four multimanager funds of funds.
The universal portfolio management service contains the Cazenove universal UK growth portfolio, universal balanced portfolio,universal growth portfolio and universal international portfolio (ex UK) funds.
When selecting funds for each portfolio, the fund team will analyse the investment process of the funds they are considering. They will also look at how the new additions will complement the funds they have already chosen.
Cazenove funds can be selected but there is no obligation to include them. At present, no Cazenove funds are contained within the four portfolio funds. The multi-manager fund of funds concept may be useful in the current environment where fund managers are moving around a great deal. Sometimes a change in manager can have a negative affect on a fund's performance and where this happens, multi-manager funds of funds can replace the ailing fund.
The Cazenove product is similar to the private portfolio service from Credit Suisse, which provides access to nine Credit Suisse multi-manager funds of funds. Although investors have more fund choice with Credit Suisse, the Cazenove product is eligible for Isas and Pep transfers. The Credit Suisse product is not, since it has a minimum investment of £10,000.