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Tenet Oeics opening up to the IFA market

Tenet is planning to promote its Sinfonia Asset Management fund of fund Oeic range to the wider IFA market.

Sinfonia head of marketing Andy Cucksey says the move comes after the funds gained their one-year track record.

Sinfonia was launched in June 2008 and the income fund is first quartile in the past 12 months while its income and growth, cautious, balanced and active offerings are second quartile. The group’s diversified target return offering is not in an Investment Management Association sector.

The funds have around £30m of assets under management, the majority of which has come through Tenet’s own IFAs, and Cucksey says widening the marketing should help the group reach its target of £100m by September 2010.

Sinfonia chose FundQuest as its investment manager for asset allocation and fund selection.

Cucksey says: “Although the funds are on platforms, the majority of the marketing has been for Tenet’s IFAs but now we have the track record we feel these products are ready for the whole of market.

“We have had calls from directly authorised firms who like the proposition and we are looking to do business with IFAs on a one-to-one basis and offering the white-labelling of products to some firms.”

Cucksey says that while the funds sit under the distributor Oeics banner, he argues that the structure of Sinfonia means it operates differently to others.

He says: “Tenet has ownership but the IFAs within Tenet do not sit on the investment committee while the income gained is kept within Sinfonia compared with some distributor funds, where part of the annual management charge split goes to the IFA.”

Informed Choice managing director Martin Bamford says: “I can see the attraction of white-labelling these products to IFAs, otherwise they would need to offer something different on top of stellar performance to be attractive to other IFAs.”

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