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Zurich applies CPPI to active fund range

Zurich says it anticipates little competition for its multi-manager protected profits fund because other companies using constant proportion protection insurance are focusing on passively managed UK funds.

The Zurich fund applies CPPI to a global range of four actively managed funds – Cazenove UK growth & income, Gartmore European select opportunities, Newton higher income and DWS American growth.

These funds comprise up to 70 per cent of the overall portfolio, with the remainder invested in cash through the Barclays liquidity first fund.

Under the CPPI process, equity exposure will be increased when the fund performance is strong but reduced in favour of cash when performance is weak, thereby protecting 80 per cent of the highest fund value.

Investment management director Paul Wright says: “Our fund is unique. Without wanting to appear arrogant, we are not afraid of competition. It would be a huge leap for our competitors to move from using CPPI in passive UK funds to global active management.

“Also, we are the only ones offering this approach across a range of products. Our competitors are offering it only through investment bonds.”


PMPA calls on FSA to allocate surplus MMCB funds

The Professional Mortgage Packagers Alliance is expressing concern that the surplus MCCB funds to be handed over to the FSA may not be put back into the mortgage industry. The PMPA says the funds, believed to be in excess of 2m, should benefit the mortgage sector as the MCCB was partly funded through intermediaries’ contributions. […]

First bank to announce multi-tie agreement

HSBC has become the first bank to multi-tie, offering high street customers funds from five leading management companies, and its own. The bank, which has over 1500 branches in the UK, will offer funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan Fleming and Schroders, as well as HSBC Asset Management, from February 28.Together with HSBC, […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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