Old Mutual Asset Managers is looking to attract dissatisfied with-profits investors with a part-capital guaranteed product aiming to deliver annualised returns of cash plus 4 per cent.Old Mutual Prosper 80 offers exposure to a portfolio of internal and external hedge funds and cash. There is daily pricing, a capital guarantee up to 80 per cent of the investor’s highest unit price and no lock-in period. Minimum investment is 5,000 and the product is eligible for Isas and Peps. Head of marketing Simon Wilson stresses this is not a fund of hedge funds but the product will be run on a managed account basis rather than held directly in the funds. Omam has seeded the product with 22m of its own money. Commission is up to 5 per cent but this is taken from the investors money as the product has no initial charge. Trail of 0.5 per cent is also available. Wilson says: “Hedge funds are often very low risk products and we aim to achieve cash plus 4 per cent returns after charges and are very confident we can do that.” Hargreaves Lansdown head of research Mark Dampier says: “It is a difficult product to analyse. It is easy to say it will deliver cash plus 4 per cent but it depends on how well the hedge funds do.”
Over 22,000 people have opened a savings gateway account during the second pilot of the Government initiative in six areas. The Government is using the scheme to explore how matching savers’ contributions and the support of a range of community financial bodies can help promote saving among people who do not normally save. The 15m […]
Buy-to-let property company Ely Group is listing on Aim this week. The Dublin company is coming to the market valued at 11m with plans for further UK expansion. The firm is best known for offering the opportunity to invest in the housing market on a10-year leaseback scheme.
Last week, I looked at the 10-year anniversary charge on relevant property held in discretionary trusts and this week it is the turn of the proportionate or exit charge.
Lenders believe the best online systems will win business, says Andrea Tryphonides
The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]