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RSAE and Framlington team up

Pack says the reputation is: "Declining, and the company is

selling off sectors." He adds that its reputation has never been

marvellous, but it is worse now.



Marsh is slightly more enthusiastic, calling it fair, but saying it is

Framlington’s reputation that is relevant in this case, and

this is good.

The panel has differing opinions on the past performance of

Framlington. Hill calls it mixed, saying: "Few companies

have good funds across the board."

Marsh says: "The Framlington health fund has been going

for 10 years. Over this time, it has been volatile, but this is only to be

expected. It has a good record for the long haul."

Pack says: "Its past performance is excellent, but in due

course we will not be allowed to consider this. It is very good in most

fields, and always particularly strong in healthcare."

When asked which products will provide the main competition, the

panel lists NPI’s health fund, CA Funds and Close

Finsbury. Hill says: "You can access Framlington via other

multi-funds at less cost, with no charge to switch. Why go with a

mirror fund when you can go direct."

Considering whether the charges are fair and reasonable, Pack

says: "The annual charge is reasonable, but the bid/offer

spread is far too high." Hill thinks all the charges are too

high, while Marsh disagrees and says they are fair and

reasonable.

When asked the same question regarding commission, Marsh and

Hill think it is fair and reasonable. Marsh adds that multi funds

usually pay around 4.75 per cent initial. Pack thinks it is too high.

There is a difference of opinion when it comes to product literature.

Pack calls it very poor while Marsh says: "The factsheet is

long on history of the sector but not on the manager and its track

record."

Hill says: "It is a factsheet, and that’s all we are

interested in. There is no point hiding the facts in a glossy brochure,

keep it simple."

Summing up, Hill says: "Framlington’s three

year volatility is approximately 13 per cent. If this is to mirror that fund

should not the volatility be similar? The fund is fine but I will probably

access it via multi funds, especially under current market

conditions."

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