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Sixty staff are axed at Abbey arm in multi-manager move

Abbey is axing 60 staff from its asset management arm as part of a plan to introduce a multi-manager approach across its actively managed bond and equity-based unit linked life and pensions and unit trust business.

Abbey says it wants to move away from directly managing funds to external fund managers. The 60 redundancies will come from within the fund management and back-office operations at Abbey National Asset Manager&#39s Glasgow premises over the next few months.

At the same time, Abbey is moving its with-profits funds to an investment strategy involving a mix of index-tracking management and a multi-manager approach it says will give more consistent risk-adjusted returns in the long term.

The move will see Anam cease being responsible for the majority of in-house active fund management for its £29bn portfolio.

There had been widespread rumours that the group was looking to sell its fund management arm.

Abbey has signed a deal with State Street&#39s Global Advisers investment arm to help with the programme of changes. The firm will be one of a number of multi-manager partners that will be used once mandates have been agreed.

Over the last three years, Abbey has used two different models in its fund management approach, with Anam managing all Scottish Mutual, Scottish Provident and Abbey-branded funds while Inscape funds were based on a multi-manager model.

Abbey chief executive Luqman Arnold says: “The multi-manager approach has proved extremely successful and we expect it to provide the optimal solution for our customers. For with-profits customers, we believe that their needs are also better met by the new approach, which we expect to deliver both peace of mind and performance.”


Unicorn launches new VCT share issue

Unicorn AIM Venture Capital Trust has launched a new series of shares. The company has issued up to £20m of new shares which will qualify for tax relief. The original Unicorn AIM VCT Fund raised £35m in the 2001/2 tax year. Since its launch date in October 2001 to end December 2003 it has provided […]

Fee-based Compton bought by iimia

Fund firm iimia is buying fee-based IFA Compton House in a move which the group says will boost its funds under advice and management to £200m. Compton, which will retain its name, will operate as part of iimia&#39s financial planning division alongside Eveleigh & Huckle, the Bournemouth IFA which merged with the fund company last […]

Standard adding Liontrust to funds

Boutique fund manager Liontrust&#39s first large cap fund is among the range of 28 external funds which Standard Life will offer under its new pension proposition from March 15. Standard is also introducing a new commission model for its pension range, with commission based on the term until the custo-mer&#39s retirement date. Fourteen external fund […]

Grosvenor Films – Messages

Type: Enterprise investment scheme Aim: Growth by investing in the production of a supernatural thriller Minimum investment: Lump sun £2,000 Opening/closing date: October 21, 2003/February 29, 2004 Charges: Implicit Commission: Initial up to 5% Tel: 0208 567 6655

Retirement - thumbnail

(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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