View more on these topics

Privately managed funds soar

The value of funds in actively managed portfolios rose to £290bn in 2000 from £262bn in 1999 as investors looked to private asset managers for higher returns. The increase is even greater given the effect of negative equity market returns.

The figures from PAM show that stockbrokers, private banks, fund managers and investment consulting firms are becoming more successful in targeting high-net-worth individuals. Consolidation in the sector continued through 2000, with the number of firms falling to 180 from 197 in 1999.

PAM editor James Anderson says: “At the very top end of the IFA market, we are seeing IFAs beginning to manage money themselves on the basis that they have been disappointed by what is on offer. But more generally, we are seeing the multi-manager approach, with IFAs acting as a filter through which they can give access to the best fund managers in different sectors.”

Direct Financial Services director Derek Williams says: “Private asset managers are no threat to IFAs. With a large portfolio a good IFA may want to make sure a part of it is privately managed.”


Exeter doubles up with Oeic

Exeter Fund Managers has introduced its second Oeic &#45 the hidden value portfolio. The fund is a departure from the company&#39s first Oeic, which invests in zero-dividend preference shares, as it invests in UK stocks. There will be a concentrated portfolio of between 30 and 40 stocks selected by using a blend of stockpicking techniques. […]

Portman purchase of Sun Bank gets OK from DTI

Portman Building Society&#39s £95m purchase of Sun Bank has been cleared by the Department of Trade and Industry.The deal announced in September, which sees Portman buying the specialist lender from parent company Sun Life Financial of Canada, adds almost £1bn to Portman&#39s mortgage book.Sun Bank, with 75,000 customers and total assets of around £1.2bn, specialises […]

Online opportunities

Where did it all go wrong for business-to-consumer financial websites? Only a year ago B2C personal finance websites were all the rage. Any self-respecting high-street bank, life insurance company or mortgage provider was building and launching a consumer-facing website.Many were investing millions of pounds launching entirely new brands to try to attract a younger, affluent […]

Gartmore takes AiM

Gartmore Investment is moving into the venture capital trust (VCT) arena with the Gartmore premier VCT. The VCT&#39s objective is long-term capital growth and income by investing mainly in developing companies listed on the alternative investment market (Aim). It may also invest in unquoted companies listed on Ofex and those that plan to be AiM-listed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment