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Norman setting up low-cost fund firm

Former Credit Suisse Asset Management UK chief executive David Norman is launching a new asset manager offering low-cost passive investment solutions, with plans to launch a fund range this year.

Norman has teamed up with Folio Partners founder Gary Mairs to launch TCF Fund Managers. Fund manager John Kenny has joined the duo as partner and third backer.

The new firm will initially offer a low-cost fund management service to IFAs and pension schemes and plans to launch its own retail funds later in 2010.

Norman has been a strong critic of hidden charges in the fund management industry, speaking out at several industry conferences. He says this new venture will offer a flex- ible pricing model, includ- ing a facility to allow cost savings from bulk purchases to be shared with the adviser, trustee and customer.

TCF will either take an adviser’s own asset allocation model or build a bespoke passive portfolio investing in ETFs, passive mutual funds and futures.

Yellowtail Financial Planning managing director Dennis Hall says: “More and more people are seeing that consumers will want a core of their portfolios in something that is very cheap. They are prob- ably getting wise to the fact that a lot of managed funds are just quasi trackers anyway and are expensive.”

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