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Norwich Union moves into Isa Fofs

Norwich Union is set to open its fund of fund range to Isa and Pep investors next month, marking the firm’s first step into the Isa Fof sector.

NU’s three Fof portfolios, which are run by IMS, are currently only available through its portfolio life bond and pension wrappers but will be added to its retail investment range from October 17.

The NU mixed fund of funds, cautious fund of funds and growth fund of funds will be positioned alongside its manager of manager range, run by Aon Asset Management, which is already available as part of NU’s life and pension and retail investment ranges.

NU head of investments Neil Davies says few providers offer both Fof and Mom ranges in the retail market and, as awareness of multi-manager builds, many advisers are developing a preference for one strategy over the other.

He does not believe that introducing the fund of funds range into its retail investment suite will cannibalise the firm’s Mom business. Davies says: “The goal is not to substitute sales but to drive our retail presence. There are definitely two developing segments in the multi-manager space, one favouring fund of funds and the other manager of managers.”

Plan Invest adviser Michael Owen says: “Multi-manager is a bit of a bandwagon. IMS is well regarded but you need to do your research and look at the whites of the fund manager’s eyes to separate the wheat from the chaff.”

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