View more on these topics

US multi-manager SEI opening with Fof trio

US multi-manager giant SEI Investments is to begin its assault on the IFA market in July with the launch of three UK-based funds of funds.

The SEI growth, balanced and income unit trusts will invest in a range of actively managed funds from managers across the globe, including smaller UK houses such as SG Asset Management and Liontrust, through two Dublin-based Oeic funds of funds.

SEI is currently waiting for regulatory approval of its two Dublin-based Oeics, which will hold its 19 funds of funds. The three onshore unit trusts will then invest in varying combinations of the 19 funds.

The unit trusts will have an initial charge of 1 per cent, with initial commission of up to 4 per cent. The annual charges are 1.95 per cent for the growth fund, 1.85 per cent for the balanced fund and 1.75 per cent for the income fund, with trail commission of up to 1 per cent. Minimum investment is £25,000.

The Pennsylvania-based fund manager has around £20bn under management through intermediaries in the US and is the country&#39s biggest funds of funds manager.

It aims to target a similar market in the UK – IFAs with high-net-worth clients. As well as its investment products, it will also offer white-labelled portfolio management platforms for IFAs. Several of the UK&#39s bigger IFAs, including Hargreaves Lansdown, have already signed up for the service.

SEI director of the European adviser market Simon Ewan says the goal is to give IFAs more time to deal with their clients by allowing them to outsource day-to-day portfolio management. He says: “We are offering a proposition for the more entrepreneurial intermediary.”


Small firms facing business dilemma

How does a small, specialist IFA firm respond to the challenges created by the introduction of stakeholder?At Informed Choice, we have identified the following issues as the challenges that need to be addressed.Should we attempt to become a major player in the stakeholder market and what impact will that have on our business goals?Can we […]

R&SA splits operation to create a direct arm

Royal & Sun Alliance is to split the branding of its intermediary and direct channels, with a new image and name for its direct arm.The direct brand will aim to build on R&SA&#39s general insurance business although its long-term plans include offering life and pension products.It will be run as a separate entity to its […]

Scarborough buy to let joins discount gang

Scarborough Building Society has introduced a two-year discounted rate buy-to-let mortgage that is available for loans of up to 80 per cent of valuation.The mortgage has a one per cent discount in the first two years, giving a payable rate of 6.20 per cent. Only one property can be bought up to a maximum of […]

Inter-Alliance buys Pru sales force

National IFA Inter-Alliance has struck a deal with the Prudential to buy its sales force.The deal means Pru consultants and managers will be made redundant and then offered new opportunities with Inter-Alliance subject to a selection criteria. Pru life, pension and investment products will remain with the Pru and policyholders will continue to deal with […]


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 advice.

    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