Skandia Investment Management is introducing a UK version of its global best ideas fund next month featuring the five UK managers from the global fund plus five others including Schroders’ Richard Buxton.The UK best ideas fund, which launches on October 11, will replicate the global fund with each of the 10 managers providing their 10 best ideas. The fund will have an initial charge of 5 per cent, annual management charge of 1.5 per cent and an estimated total expense ratio of 2.45 per cent. It will pay 3.5 per cent initial and 0.5 trail commission. SIML says the managers’ different styles minimise risk of concentration in any stocks, with the model portfolio showing the top 10 stocks making up 24.5 per cent of the portfolio. UK managers on the fund who are already represented in the global fund are Merrill Lynch’s Richard Plackett, Artemis’s Mark Tyndall, Axa Framlington’s Roger Whiteoak, New Star’s Stephen Whittaker and Gartmore’s Ashley Willing. Schroders head of UK equities Richard Buxton has also been picked for the fund. Chief executive Jamie MacLeod says: “We have been delighted with the reception that global best ideas received and a UK best ideas fund is a natural extension of this concept.” Buxton says: “I think it is an absolutely fantastic project and could be the most tremendous fund and a very powerful proposition.” The global best ideas fund has attracted 130m since its launch on June 11.
Former Standard Life finance director John Gill has taken over as managing director of customer services from Shaun Doherty, who has left the firm. Strategy director Evelyn Bourke replaces Gill as finance director.
Inheritance tax may be unpopular but it has an important role to play in the tax system and is unlikely to be scrapped, according to a leading economist.Speaking at the Institute for Fiscal Studies annual lecture, professor of economics and law at the University of California Alan Auerbach said slashing IHT is not particularly desirable.He […]
The Bank of England has held the base rate at 4.75 per cent, following last month’s 0.25 per cent increase. Alliance & Leicester head of intermediary mortgages Mehrdad Yousefi says: “Following last month’s rise in the – which took some commentators by surprise – a further rise in September was not anticipated. “The decision to […]
The Financial Services Compensation Scheme expects to pay out over half a million pounds to clients of former BBB Network members. The FSCS says it is aware of over 400 potential complaints against members of the BBB Network, formerly Berkeley Independent Advisers. It says 68 per cent of complaints relate to missold mortgage endowments, with […]
By Jamie Clark, Business Development Manager With only a few weeks to go before the new pension freedoms allow people to access their pension funds as and when they like, there are concerns that the consequences of making (or not making) the right decision could put pension savings at risk. Yes, this revolution is exciting; […]
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The rise in IHT takings has prompted complaints around the new residence nil rate band’s impact
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