The Schroder S&P cautious managed distribution port-folio has sold its 5 per cent holding in the F&C commercial property investment trust. Over the three months the position was held, its F&C veh-icle gained more than 15 per cent before the team decided to take profits.It is still optimistic on the outlook for the sector and the team has rolled these gains into the new issue of Insight’s Foundation property trust. Schroders has also reduced its holdings in private equity in its cautious managed distribution and high-alpha port- folios. Its biggest private equ- ity holdings, Candover and SCG Capital, gained 22 per cent between December 2004 and July 2005, compared with the FTSE All-Share rise of 12 per cent. As with F&C’s commercial property trust, the team felt the shares were trading on a significant premium to their net asset value and dec- ided to cash in. At the same time, the team liquidated its positions in Odey Japan and Schroder Tokyo, replacing them with JP Morgan Japan. Initially, it thought exposure across two funds would be a good complement for one another but the strong performance of former Framlington manager David Mitchinson’s “go-anywhere” approach in the fund, launched in October 2004, has led the team to back his performance. Schroders head of multi-manager Andrew Yeadon says: “We like Mitchinson’s fund because it is effectively a boutique product with strong backing. We also took the opportunity to come out at a premium on the F&C trust and get into Insight’s similar trust closer to NAV. It was a no-brainer. “
The DWP has launched a website allowing the public to discuss the national pensions debate. The site – www.dwp.gov.uk/ debate – contains an inter-active section where people can send the department their views on key issues.
Until now, the Government has been merely tinkering with inheritance tax legislation. To achieve its target of boosting IHT revenue from 3bn to 10bn a year will require a massive overhaul that will mark the end of many standard estate planning methods. The implications for individuals with an estate over the 275,000 threshold are significant. […]
Afew months ago, Abbey, the company whose attempted self-reinvention after years of financial bungling follow- ing demutualisation in 1989 has involved the gradual truncation of its business name, was fined 800,000 by the FSA.
Pink Home Loans
Derbyshire Near Prime Three Year Fixed
In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]
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Aviva has triggered a five day platform blackout as it moves to new technology. The platform will be unavailable from 6pm on Wednesday 17 January through to Monday 22 January while the provider manages its transition onto an updated system run by technology provider FNZ. The downtime will affect Aviva’s investment platform only, but other adviser […]
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Providers should listen closer to advisers and consumers when deciding what initiatives will work