View more on these topics

Widows is the shock Isa leader

Autif hailed Scottish Widows as surprise champion of its first Isa fund

tables last week but prompted controversy as several listed managers

expressed concerns over the figures&#39 market-sensitive nature.

The tables, which rank Autif members by their unit trust Isa funds under management, show Widows towering over second-placed Fidelity with £2.17bn under

management.

Fidelity, with £1.55bn under management, Jupiter, Aber-deen and

Invesco Perpetual were the only pure fund management houses to make it into

the top 10.

The figures are the first to give a clear indication of an individual

provider&#39s Isa sales, which have traditionally remained a closely guarded

secret.

At the end of the 2000/01 Isa season in April, listed managers such as M&G

and Inv-esco refused to disclose their Isa sales until their company

results had been published as it may have affected their share prices.

However, Autif will now make the figures publicly available on its website

every month.

Autif already publishes monthly tables of its members&#39 unit trust and Oeic

funds under management.

It says it has not published Isa funds under management until now because

it deemed them to be too strong an indication of gross Isa sales, a move

deemed commercially sensitive.

Communications director Anne McMeehan says: “We have not put them up until

now because we thought they might be commercially sensitive. But we felt it

was appropriate after two years to make the figures available. We are

acutely aware of the sensitivity of sales information but funds under

management is a different thing entirely.”

Invesco Perpetual head of sales Stuart Alexander says: “We will have to

look and review how we publish the figures to Autif in light of this.”

Recommended

Skandia bonds with pension trustees

SkandiaPension Trustee BondType: Unit linked bond.Aim: Growth by investing in unit trusts, Oeics and investment trusts.Minimum investment: £3,000.Fund links: 222 funds from Aberdeen Asset Management, ABN Amro, Alliance Capital Management, Baring Asset Management, Baring, Houston & Saunders, BlackRock International, Credit Suisse Asset Management, Deutsche Asset Management, Dresdner RCM, Fidelity Investments, Foreign & Colonial, Framlington, Gartmore, […]

Warning that stakeholder scandal looms

The Government and the ind-ustry have been issued a high-level warning ofthe likelihood of a stakeholder misselling scandal in a report by theInternational Institute of Banking and Financial Services. In a section called Decision Trees – Another Pensions Scandal in theOffing?, the report states: “The risk for IFAs is that many consumers inthe core target […]

84% of IFAs put faith in with-profits bonds

An overwhelming 84 per cent of IFAs believe with-profits bonds haveoutperformed inv-estor expectations over the past 10 years, according toresearch from Prudential. IFAs say with-profits bonds are not outdated and irrelevant, as they areoften portrayed by consumer groups, but are becoming an importantinvestment option in times of stockmarket volatility and falling interestrates. The survey of […]

Economist Julius seizes on Treasury over the gaps in mortgage regulation

A Government-backed report written by a leading economist has slammed theTreasury&#39s decision not to regulate mortgage advice as a failure to protectconsumers. The report, issued this week by the Banking Services Consumer Codes ReviewGroup led by Bank of England economist DeAnne Julius, blasts the proposedstatutory framework for failing to plug regulatory gaps. Stating that advice […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment