View more on these topics

Swipe at Swip over Euro fund boasts in ads

IFAs have slammed Scottish Widows Investment Partnership for continuing to boast about its European fund&#39s performance despite the departure of star fund manager Albert Morillo more than nine months ago.

Swip is undertaking a marketing drive for the fund, including adverts in the national press and IFA mailshots.

The ads boast that a £7,000 investment in February 1986 would now be worth £85,190. But IFAs claim these figures reflect the management of Morillo, who left Swip to join US fund manager Black Rock at the end of last year and who currently also manages Investec&#39s European fund. Another member of Swip&#39s European team left at the same time.

Since Morillo&#39s departure, the fund, now managed by Fiona MacRae, has seen poor performance. Over one year, it is ranked 49th out of 99 in its sector and 77th out of 103 over the past three months.

Unit trust marketing manager Ellen Crabtree says: “The fund has always been managed as a team fund. We have never embraced the star fund manager concept even though Albert was very well known. Fiona has been in the team since 1991 and we feel it is perfectly acceptable to advertise the past performance.”

Hargreaves Lansdown investment director Ben Yearsley says: “If the whole team has changed, you should not really be advertising the past performance. It is not a true representation, especially in light of the FSA stating past performance is no indication of future performance.”


Watchdog slams City Financial over status

The Consumers&#39 Association has slammed Lincoln tied salesforce City Financial Partners, claiming it does not make its tied status clear when dealing with customers.Following an undercover investigation by Which? magazine, the association alleges City Financial is guilty of “shoddy sales practices”, including not making clear its relationship with Lincoln.The watchdog is increasingly concerned that this […]

Condemnation for stakeholder

Stakeholder is a non-starter because there is no room in its charging structure for advice, Conservative pension spokeswoman Jacquie Lait told the party at its annual conference in Bournemouth last week.Lait said she was not surprised stakeholder did not receive a mention by the Government at its conference two weeks ago because the public do […]

Perpetual – Group Personal Pension Plan

Friday, 13th October 2000.Type: Group personal pension plan with choice of unit-linked funds.Minimum group size: Four.Minimum premium: £20 a month per member, £1,000 lump sum, £500 additional.Minimum-maximum ages: 16-75.Fund links: UK equity, overseas equity, global equity, fixed interest, cash.Charges: Initial 0-5 per cent, annual &#45 overseas equity 1-1.5 per cent, UK equity, global equity 0.75-1.25 […]

IFAs see sharp rise in loans for self-employed

IFAs are seeing a surge in the number of self-employed clients wanting mortgages, according to spec- ialist lender The Mortgage Business.The company&#39s research found 69 per cent of advi-sers had seen a marked rise in demand for mortgages which allow customers to prove or self-cer- tify their income.TMB says the rise in demand is being […]

Developing your personal relationships – Webex

Read more 9amFinancial advisers and solicitors working together Presented by Ian Muirhead, director & chairman at Solicitors for Impartial Advice (SIFA) Listen to Ian’s expert insight and experiences of how financial advisers and solicitors can work together to deliver mutual benefit and enhanced client outcomes. Register here 10am Financial advisers and accountants working together Presented […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm