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Smith & Pinching lays foundations for Fof

Smith & Pinching Portfolio Management expects to launch its proposed global property fund of funds in June and is putting together the prospectus for FSA approval.

The company will seed the portfolio with money from its bespoke portfolio service and its financial services arm.

The new fund will use the maximum flexibility allowed under the non-Ucits retail scheme structure. It will hold funds that in invest in bricks and mortar as well as real estate investment trusts, direct shares in UK housebuilders and structured products.

Smith & Pinching has also defended its existing funds’ use of benchmarking against the growing tide of absolute return funds with cash benchmarks.

It says the indices are widely recognised by the fund management industry and provide clients with a meaningful and reasonable test for investment returns.

But it concedes that the industry is moving towards cash benchmarks as a more relevant performance test for less sophisticated clients.

Business development manager Richard Carswell says: “It is not a question of us getting stuck in a rut. When we launched the funds, the benchmarks we chose, such as the Apcims Balanced and FTSE Government All Stocks Gilt index, seemed the right ones. They are tough to beat and do not take the dealing costs into account.

“If we started to change our benchmarks, clients could become suspicious. What we could do is entertain an additional cash benchmark. That might be most appropriate for our fixed-interest fund.”


Higgins to head HBOS mortgages

HBOS has appointed Joe Higgins as its new head of mortgages to work alongside intermediaries boss Nigel Stockton.Higgins is presently Bank of Scotland (Ireland) chief operating officer. He will be primarily responsible for products across the direct and intermediary channels.Former Royal Bank of Scotland executive Louis Kaszczak has joined Lehman Brothers’ expanding mortgage business as […]

Japanese mandate moves

Skandia Investment Management has appointed AllianceBernstein to run its Japan mandate within its actively managed and cautious ranges.AllianceBernstein replaces Sparx which have been taken off the mandate following the departure of Kahori Ando who ran the fund for SIML.SIML fund manager Ryan Hughes says: “The trigger behind this move was Ando’s decision to leave the […]

Paternoster announces buy-out schemes of £300m

Defined-benefit consolidator Paternoster has announced that it has been selected by pension fund trustees as the annuity provider for schemes totalling £300 million in 2006.At 2006 year end, the total value of assets transferred to Paternoster in relation to these was £123 million. Chief executive Mark Wood says: “Since we received FSA authorisation last June […]


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