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The Daley Update

Money Marketing investment reporter James Daley brings you a new regular update of the latest movements and deals inthe fund management world

Deutsche Asset Management has postponed the launch next month of its New Economy fund after fund manager Clare Flynn quit to run a European technology hedge fund. The New Economy fund, which was revealed exclusively in Money Marketing last month, is now expected to be launched in the new year.

Exeter Investment Group is offering a 1 per cent discount on its managed growth and global opportunities funds until October 31. Both funds will see their initial charge reduced from 5 to 4 per cent over the offer period. The managed growth fund is top in the actively managed sector over one, three, five and 10 years while the global opportunities fund is top-quartile over the same periods.

M&G is offering IFAs an extra 1 per cent commission on investments in its managed growth fund via Isas and Pep transfers. The offer starts next week and will run until the end of the year. It will increase the initial commission to 4 per cent. The fund also offers 0.5 per cent trail commission.

Andrew Gibbs has quit as manager of M&G&#39s £260m European smaller companies fund to launch a hedge fund. The AA-rated M&G fund is top in its sector over three years with a return of 221.7 per cent and is one of M&G&#39s top-performing funds. Gibbs will leave at the end of next month although it is not yet clear who will take over managing the fund.


NU chief tells IFAs to grow or get a niche

The UK&#39s biggest life office Norwich Union is telling advisers they must expand or find a business niche if they areto have a future.NU Life chief executive Philip Scott, speaking at the Aifa conference in London last week, said changes in the marketplace mean IFAs will have to adapt and focus on size or go […]

Darling gives credit to savers

“Virtue is its own reward” has been a proverb since Roman times but has had little resonance for savers since the launch of the modern welfare state.All too often, it seems the spend-as-you-earn brigade have been bailed out in retirement by the state while many of those who saved for a rainy day have been […]

Mmmm means Europe

The future is looking bright for European funds but the challenge for IFAs is in picking the consistent front-runners. The answer lies in seeking specific equity opportunities within Euroland rather than tracking its entire performance.Europe has been one of the best-performing territories this year and most fund managers expect this to continue. Over the past […]

Swiss misconceptions

It is still a popular misconception that offshore investments are only for those people wanting to hide their money in secretive offshore accounts.The reality is quite different. Granted, the Swiss bank account image still exists to some extent. However, more and more international financial institu-tions are cleaning up the way they do business and anonymity […]


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