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Old Mutual unveils new multi-manager platform

Old Mutual this week finally revealed the name and charging structure of its new multi-manager platform, formerly codenamed Project Mars.

The new platform, to be called Selestia, is set to start next month and will initially offer more than 150 funds from 24 providers.

Initial charge is 5 per cent although clients will also have the option to pay a charge of 1.25 per cent over five years.

The annual management charge will be 0.4 per cent on the first £10,000 invested, 0.25 per cent on the next £10,000, 0.1 per cent on the next £10,000 and zero for sums over £30,000. IFAs have two commission options – either 5.25 per cent initial with no trail or 3 per cent initial with 0.5 per cent trail.

Selestia managing director Brett Williams says: “In a nutshell, we will be providing the IFA with state of the art best practice portfolio construction techniques. These have been designed with the input of many IFAs specifically to meet their needs.”


A lesson in research

I must reply to Philip Thomas&#39 letter in Money Marketing last month. It seems to me he has proved exactly the point that we were making that IFAs do not have the time or resources to do much of their own research.He has taken at face value a few comments in the press and elsewhere. […]

Only £20bn in life office coffers as assets plunge

The life industry as a whole has only £20bn in excess capital to support with-profits business, plummeting from the £130bn which was available at the end of 1999.Some companies have negative excess capital, such as Equitable Life, Alba Life, and Royal & Sun Alliance Life & Pensions. Friends Provident has marginal excess capital despite the […]

Taskforce rejects ad ban over past performance

A full-scale ban on past performance in ads has been rejected by the FSA taskforce but it says the way performance is presented is in need of a major overhaul.Following the recommendations from the taskforce, the FSA plans to consult with the industry on creating a standard measure for using past performance, price information and […]

L&G in Cigna Healthcare deal

Legal & General has entered a strategic alliance with Cigna Healthcare to manage income protection and staff absence costs.Through L&G’s group income protection and Cigna’s independent absence management intervention service, employers have access to a service which manages both short and long term absence.Employers who buy a combined benefits package will get a discount on […]


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