Cofunds, the IFA fund supermarket, has made two new appointments to its growing team. Laurie Jaques will join the sales operation led by Rodney Aldridge. He joins from Baring Asset Management. Andy Creak has been appointed chief technology officer, joining from Cap Gemini.
Active UK fund managers are beating the indices amid volatile market conditions, according to new figures by Standard & Poor's. The average return from a UK growth fund in the 12 months to August 1 was 11.1 per cent. This compares with growth of 7.6 per cent for the FTSE All-share index and 4.4 per cent for the FTSE 100. UK smaller companies funds have also fared well, with an average return of 46.2 per cent – almost 20 per cent ahead of the FTSE small cap index.
Old Mutual Fund Managers is to launch a UK smaller companies fund to be managed by former Hill Samuel small-cap manager Ashton Bradbury. The fund will be launched on January 29. Initial charge is 4 per cent and 1.5 per cent annual.Commission will be3 per cent with 0.5 per cent trail. Old Mutual Asset Management is changingits name to OMFM.
Aberdeen is offering a 1 per cent discount on its fixed-interest, high-yield bond and sterling bond funds in a bid to win redemptions from the CGU MIP fund. The discount will run until December 31. It reduces the initial charge from 4.25 per cent to 3.25 per cent.