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NU and Morgan linking up for UK growth fund

Norwich Union and JP Morgan Asset Management are joining forces to launch a UK growth and value fund that aims to beat the index by 2.5 per cent a year after charges.

NU is bypassing its in-house managers at Morley and will take 200m out of one of its Morley-run with-profits funds to seed the portfolio.

The fund will launch on March 6 and will be managed by Chris Complin and Michael Barakos, managers of the JPM European strategic growth and value and JPM premier equity growth funds respectively.

It will aim to outperform the index by 2.5 per cent a year net of fees, says NU sales director John Clougherty, by exploiting both growth and value stages of the market cycle. It will be equally weighted between 200 and 300 FTSE 350 value and growth stocks, rebalanced on a monthly basis.

Clougherty says: “The weight of opinion in top firms seems to favour large-cap growth stocks currently. The fund will interest advisers and their customers looking for growth but who want a fund that is flexible and makes the most of different market conditions.”

Plan Invest managing dir- ector Michael Owen says: “This is a slightly surprising move as it seems to be saying that Norwich Union is going to start outsourcing its equity management in the UK. Generally speaking, it looks like a launch designed for the sales force and I do not think I will be buying it that much as I can make my own style decisions.”


In the reality world

Standard Life’s latest strategy for ensuring that its demut-ualisation vote goes to plan involves pandering to the reality TV crowd. Apparently, these people are the 25-35-year-olds glued to the likes of Big Brother and X Factor and least likely to vote in this spring’s SGM. The Diary is not sure if Standard will be approa-ching […]

Workers may strike over retirement age

Unions representing 1.5m local council workers are to ballot for strike action over plans to raise their retirement age from 60 to 65. These workers were excluded from DTI secretary Alan Johnsons deal with other public sector workers and instead have to negotiate with the Office of the Deputy Prime Minister.

Workers may strike over retirement age

Unions representing 1.5 million local council workers are to ballot for strike action over plans to raise their retirement age from 60 to 65. These workers were excluded from DTI Secretary Alan Johnson’s deal with other public sector workers.

FundsNetwork sharpens portfolio tools

Fidelity FundsNetwork is making changes to its portfolio planning tools to enable advisers to create their own preferred funds’ panels. Advisers can set up model portfolios covering different risk profiles that can be used across multiple clients. It is also adding a simplified method of building client portfolios that involve monthly contributions and withdrawals. Head […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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