Investment Adviser articles from January 2003

Investment Adviser archives from January 2003

100 staff axed by Henderson worldwide.(Brief Article)
January 13, 2003... Henderson has axed 6 per cent of its workforce, making 100 people redundant worldwide. The news comes amid reports that Henderson has appointed a financial adviser to explore acquisition possibilities, following a beauty parade last month....

Income fund sector is rock solid Neptune; Robin Geffen to manage new income fund and will initially hold no bonds.
January 13, 2003... By Gabriela Pomeroy Neptune has launched an income fund for the Isa season and declared the sector as "rock solid". Robin Geffen will manage the fund, competing head on with the likes of income kings Bill Mott at Credit Suisse and...

Ethical fund considers jettisoning BP.(Brief Article)
January 13, 2003... BY SIMONEY GIRARD HENDERSONS Ethical fund may sell its 1 per cent holding in British Petroleum. Bad press about the oil group has led to questions being raised over whether BP is a viable holding for ethical funds. In recent...

Appointments.
January 13, 2003... Gartmore has appointed David Lee to its macro hedge fund management team, based in London. He joins from Bellerophon Investment Management where he focused on global market fixed income strategies, including relative value trades, calendar...

Diary.(Column)
January 13, 2003... Frosty reception in the Square Mile Over at Barclays Global Investors, part of last week was spent playing in the snow and building "iShares the Snowman," who is pictured below. Staff at BGI took to the snow-filled courtyard at Royal Mint...

Telecoms are tipped to do best among TMTs; In the aftermath of the tech bubble, telephone firms look set to bounce back.
January 13, 2003... By Ashutosh Kumar Fund managers and research analysts have predicted that any pick up in the TMT sector will be in telecoms. Underlining telecoms, Robin Geffen, chief investment officer and managing director of Neptune, said some...

Exchange traded funds see a big rise in sales to GBP92bn in 2002.(Brief Article)
January 13, 2003... Global ETF sales grew 35 per cent in 2002, according to research from Morgan Stanley. As interest in the low-cost index tracking products has spread, worldwide assets under management in exchange traded funds have increased by $43.85bn...

Protected bond launched by ILI.(Irish Life International )(Brief Article)
January 13, 2003... Irish Life International has launched a capital protected bond. The ILI Secured Growth Bond 10 is designed to provide the option of capital protection, but with all the potential gains of equity investments. The firm said the current...

M&G pair are among the worst performers; Healthcare and Recovery funds bottom of the class for growth over one year.(Brief Article)
January 13, 2003... by Ashutosh Kumar The M&G Global Healthcare and M&G Recovery funds have been added to Standard & Poors list of the UKs five worst performing funds. Over 12 months to 20 December 2002, the two funds were the worst performing along with...

Industry slumps as clients worry.(Brief Article)
January 13, 2003... BUSINESS volumes in the financial services industry dropped during the past three months, according to new research. The latest quarterly survey by the Confederation of British Industry and accountant PricewaterhouseCoopers found that...

New Star offers Zemek distribution vehicle; Distribution fund aims for 5 per cent income with mix of bonds and equities.(Brief Article)
January 13, 2003... By Simoney Girard New Stars range of seven core retail funds has been completed with the launch of the Managed Distribution fund. The third income fund launched by New Star aims to provide a 5 per cent income yield through a mixture of...

Baring expects 8% equity rise.(Baring Asset Mngt.)(Brief Article)
January 13, 2003... By Sam Dunn BARING has forecast global equity returns of 8 per cent in 2003 despite a raft of economic uncertainties. Its optimistic outlook comes in the face of growing investor wariness towards risk, a possible war in Iraq, low...

VCTs celebrate a strong year of outperformance.(Brief Article)
January 13, 2003... Venture capital trusts have outperformed equity income funds, according to Financial Express Prestel. Despite the flood into equity income funds over the past two years, figures from its online data provider TrustNet showed the average net...

Golden opportunity for IFAs.(independent financial advisers)(Brief Article)
January 13, 2003... THE growing importance of asset allocation in investment strategy offers a golden opportunity for IFAs, according to a new report. According to Tillinghast, an actuarial consultancy, the prospect of a range of 1 per cent stakeholder-style...

In Brief.(meshed briefs)(Brief Article)
January 13, 2003... CSAM discounts income funds Credit Suisse Asset Management will offer a 1 per cent discount on its income funds managed by Bill Mott (right) and Leigh Harrison. The three income funds are the Extra Income, the Income and the Monthly...

Aegon hopes transfers will save its Isa season; Fund manager announces offers to encourage Pep transfers to boost sales.(Brief Article)
January 13, 2003... by Ashutosh Kumar Pep transfers form the cornerstone of Aegon Asset Managements Isa plans this year. The decision is grounded in the belief that new money would be particularly hard to come by this year and Pep transfers from under...

Watchdog keeps an eye out for dodgy ads.(Brief Article)
January 13, 2003... THE FSA is urging consumers to help stamp out misleading financial advertisements by sending in offending examples. In the run-up to this years Isa season, the FSA will be paying close attention to adverts for investment products to make...

Revenue relaxes rules on errors; Repair for investors who have taken out too many Isas.(investment savings accts)(Brief Article)
January 13, 2003... By Jason Corcoran Investors who have taken out both mini and maxi Isas in the same year will be allowed to keep both open under changes made by the Inland Revenue. The Pep and Isa Managers Association, which has lobbied for the moves,...

Sit spreads risk across the globe.(Scottish Investment Trust)(Brief Article)
January 13, 2003... The Scottish Investment Trust is offering Isa savers a portfolio of global equities with a competitive charging structure. Unlike some investment trust Isas, there is no initial charge on the Sit Isa and the annual charge is 0.6 per cent,...

Pegrum to break the mould with UK fund; Insight UK Dynamic fund will include racy and unusual stocks and ignore fashion.
January 13, 2003... By Gabriela Pomeroy Neil Pegrum will include "racy and unusual" stocks in the Insight UK Dynamic fund, launched today. The top-performing manager, who said he had invested in loss-making biotech companies in the past, told IA: "This...

Second bonus bond to be rolled out by SLI.(Scottish Life International)(Brief Article)
January 13, 2003... Scottish Life International is launching a second Protected Bonus Bond on 10 February. Following on from the success of last years bond, this second series will be sold exclusively though IFAs. Linked to three leading stock markets,...

QC to help probe into Jersey split cap funds.(Brief Article)
January 13, 2003... The Jersey Financial Services Commission has appointed outside help for its review of split capital closed-ended funds based on the island. The commission is preparing a report on the role and actions of the directors of the splits, the...

HSBC protected plan to be sold solely through IFAs.(HSBC Asset Management)(Brief Article)
January 13, 2003... By Simoney Girard HSBC Asset Management is launching its Capital Protected Growth Plan exclusively through intermediaries. The plan offers a combination of 100 per cent capital protection and 100 per cent of any growth in the FTSE 100...

Property bond is guaranteed.(Newcastle Building Society)(Brief Article)
January 13, 2003... Newcastle Building Society has launched a guaranteed property bond linked to the Halifax house price index. The third tranche of the bond opened this week and was designed to provide investors with an alternative to other asset classes and...

Hedge fund performance in decline.(Brief Article)
January 13, 2003... THE hedge fund sectors popularity with investors could be hit by faltering performance. Recent figures point to a fall in hedge fund performance compared with equities. Growth in S&Ps hedge fund index measured 1.46 per cent in...

Commercial property option for Sipp market; Developer launches innovative scheme, but IFAs believe it is much too risky.
January 13, 2003... by Simoney Girard Property firm Ask Developments is driving into the self-invested personal pensions market with a mortgage-based investment scheme. The developer is opening investment in its newest office building, Rossetti Place, to...

Hi-tech adverts for Isa season.(New Star Investment Mngt)(Brief Article)
January 13, 2003... New Star has introduced a text-to-email response service to its advertisements. The service was developed by RSVPi and will use the keyword Isa in New Stars adverts this year. Investors will be able to use a mobile phone to text the...

Invesco UK Aggressive bounces back to the top.(Brief Article)
January 13, 2003... By Simoney Girard Invesco Perpetuals UK Aggressive fund has shot to the top of its sector after a dismal start to 2002. The GBP12.6m fund, run by Ed Burke, returned 9.4 per cent over three months, according to data from Standard &...

Cater Allen to face compensation case.(Brief Article)
January 13, 2003... The Jersey regulator is to bring a court case against Cater Allen, an Abbey National subsidiary. The Jersey Financial Services Commission is to ask the court to instruct Cater Allen Trust and others to pay compensation to investors who...

Nimmo recovers from games hit.(Brief Article)
January 13, 2003... Harry Nimmos smaller companies fund performance was dented in December by Game group, the computer games firm. The stock made up 1.5 per cent of the fund but Mr Nimmo sold it after a severe profits warning. He said: "This was a blunder but...

UK investors get own version of Value trust; Onshore Legg Mason US Equity fund launched, to mirror offshore Miller vehicle.
January 13, 2003... by Simoney Girard Legg Mason Investors has launched the onshore equity version of its US Value trust. Called the US Equity fund, it will mirror Bill Millers flagship Legg Mason Value trust. Access to the four star-rated Value...

Liontrust looks at conversion.(Brief Article)
January 13, 2003... THE Liontrust Knowledge Economy investment trust could become an Oeic to increase value for its investors. A wide discount to the GBP11m investment trusts net asset value, currently standing at 26 per cent, has hit shareholders. The shares...

Gartmore to unveil UK Opps in first half of year.(Brief Article)
January 13, 2003... BY Ashutosh Kumar Gartmore is planning to launch a UK Opportunities fund in the first half of this year. The company has not finalsied details of the launch, which is a part of its ongoing restructuring plan. It has recently announced...

Asda tipped to offer Isa at the checkout.(Brief Article)
January 13, 2003... WAL-MART, the worlds biggest retailer, could soon shake up the UK financial services industry. In the US, it has embarked on an expansion programme for its raft of basic financial services such as cheque cashing, wire transfers and money...

Diversification is key, says Isis.(Brief Article)
January 13, 2003... World equity markets will continue to falter in 2003, driving demand for diversified portfolios, according to Isis Asset Management. Looking at world equity markets on a one, three, five and 10-year rolling basis, analysts at Isis found the...

Korea funds perform best over five years; Bounce back following crash of 1997/8 gives highest returns for Korean funds.
January 13, 2003... By Gabriela Pomeroy Judicious investors in South Korea would have posted spectacular returns over the past five years. Three Korean funds lead all unit trusts for returns over the period, according to Standard & Poors data to 3...

Zifa to extend adviser support role.(Brief Article)
January 13, 2003... Zurich IFA Group is boosting its IFA support role in league with adviser consultancy Professional Briefing. Zifa will work with Professional Briefing, which is run by prominent IFA Keith Popplewell, to offer a four-pronged service to IFAs...

Aberdeen ready to sell family silver.
January 13, 2003... By Sam Dunn ABERDEEN is expected to sell its prize retail funds to rival New Star to repair crumbling finances. The deal, understood to carry a GBP60m-GBP100m price tag for an as yet undisclosed number of funds or assets, could see...

Fund sale may spark trend.(Brief Article)
January 13, 2003... A RAFT of former Hargreaves Lansdown funds is set for change with the arrival of new manager Investec. The South African asset manager has bought 10 Hargreaves Lansdown funds. Industry insiders believe that Hargreaves decision may...

Property fund Isa from NU.(Norwich Union)(Brief Article)
January 13, 2003... Norwich Union is to launch a new property fund for the Isa season. The underlying fund is the longstanding NU Property trust, and this is the first time it will be available as an Isa. The trust is not technically Isa-able itself as it...

Fears of an Asian downturn allayed; Rising domestic demands quash concerns about Asias growth rates writes Helen Delaney.
January 13, 2003... Although Pacific stock markets have lagged behind other regions in the current market rally, the Pacific has outperformed all regions year-to-date. For example, when developed stock markets fell between 17 May and 24 July last year,...

Oriental outperformance.
January 13, 2003... The Far East excluding Japan sector contains unit trusts and open-ended investment company sub-funds which invest at least 80 per cent of their assets in Far Eastern securities excluding Japanese ones. All 20 funds in the table below,...

Exeter Pacific Growth Fund: Returns look likely to improve in 2003.
January 13, 2003... The GBP10.50m Exeter Pacific Growth fund was launched on 4 April 1994. Richard Scott has managed the fund since 1995. The Far East ex Japan sector performed relatively well last year, compared with many other sectors. Since the terrorist...

Exeter Pacific Growth Fund: Manager Comment; Richard Scott.(Brief Article)
January 13, 2003... I have managed the Exeter Pacific Growth fund for more than seven years, since 1995. I am the lead fund manager and I have two colleagues who work alongside me. My aim is to combine a top-down approach with a bottom-up app-roach. I start...

The orient is an expensive taste; In many cases in the Far East ex Japan sector, passive funds are doing better than aggressive.
January 13, 2003... Dewi John Those with a taste for the Orient will find it both risky and expensive. FT Fund Ratings attributes ratings of between 1 and 5 to funds on risk and charges. The riskiest and the highest charging are in both cases given a 5. All...

DEWHIRSTS VIEW: Emerging markets are likely to continue to do well; Nick Dewhirst.(Brief Article)(Editorial)
January 13, 2003... In my opinion, this is the sector most likely to provide investors with a prosperous new year. While the developed world is still reeling from the burst technology bubble, emerging markets have had enough time to recover from their bubble...

FT Fund Ratings: Far East Ex Japan Sector.(Brief Article)
January 13, 2003... Investment Advisers Fund Ratings service provides detailed RCP (Risk, Charge, Performance, ratings on authorised UK unit trusts, investment trusts and Oeics). We show Risk, Charge and Performance ratings where available for all funds. Where no...

Legg Mason surprises with US fund launch; Fund manager aims to make most of a future upturn with its new US Equity fund.(Brief Article)
January 13, 2003... Helen Delaney It would be an understatement to say that the US market has had a challenging 18 months. In the third quarter of last year, equities fell to five-year lows, corporate defaults reached record levels and corporate scandals such...

2002/3 calendar.
January 13, 2003... December Funds launched Cazenove Asset Management Cazenove has launched a global opportunities fund, which is to be managed by Simon Somerville. (December 10). Cazenove has also launched a UK Growth and Income Oeic managed by...

A year ago this month : Value can be found in a dull UK equity market.
January 13, 2003... The GBP1.20m OLIM UK Equity Trust was launched on 15 January last year. Matthew Oakeshott and Angela Lascelles, who are the managing directors of OLIM, are at the helm of the fund. In terms of performance, the UK All Companies fund ranked...

Consolidation hits the big time; With consolidation making big waves across the Atlantic, the UK braces itself for its arrival.
January 13, 2003... Kim Gurney It is commonly accepted wisdom that the double-digit returns of the 1990s are unlikely to be repeated anytime soon. It is hard luck for investors, but also bad news for IFAs as new money dries up. Cue consolidation, a neat...

Shaking up the pensions world.
January 13, 2003... Martin Bracegirdle Government policy on pensions is pretty straightforward. The state intends to continue to look after less well-off people in retirement. The present system of basic state pension, including State Second Pension and...

The Magnificent Seven ride again; Here are seven good reasons why investors should look at bond index trackers as opposed to active funds.
January 13, 2003... Kenneth Volpert The worlds bond markets have become a very unsettled place. Yields are falling; credit risks are rising; credit downgrades are soaring and the composition of the bond markets themselves are changing rapidly. Corporate...

New US fund is a welcome addition; Legg Masons new product is a mirror of its hugely successful Value Trust.
January 13, 2003... Mark Dampier, Head of Research, Hargreaves Lansdown I have commented a number of times in this column about the lack of quality funds in the American sector. I was therefore delighted to see that Legg Mason had decided to bring their own...

Trying to see the future for Isa sales; With the Isa season on the horizon can investors finally sow the seed of profit?
January 13, 2003... Philip Coggan, Investment Editor, Financial Times The Isa season is fast approaching and it is not going to be an easy sell. Most investors will have lost money on all their Isas so far, and probably on their last Peps as well. Fifth...

Asset allocation takes centre stage.(Brief Article)
January 13, 2003... Investment, as we all know, is a business for the long term. One where solid, sensible long-term decisions bear fruit; where the rash, in true Old Testament fashion, will eventually be punished for their imprudent choices. It is, then, no...

The weird world of investment; With markets becoming more irrational, behavioural finance is attracting interest.
January 13, 2003... Neil Lovatt Proponents of behavioural finance, the psychology of investment, have often been tagged with the label of mad scientists. To many in the ivory towers of finance, they seemed more like Dr Frankenstein screaming "Its alive!",...

Avoiding the IHT trap.(inheritance tax)
January 13, 2003... Anna Bowes Inheritance tax (IHT) is no longer just a tax for the wealthy, with 1.4m estates now facing a liability. Property prices have risen dramatically over the past few years and in a large number of cases the value of a clients home...

Fixed interest likely to remain popular; Despite predictions of lower returns, bond funds offer investors one of the few safe havens.
January 13, 2003... Shaista Ahmed It is of little surprise to most investors that we are in one of the most difficult bear markets since the great depression of the 1920s. The close of 2002 marked the end of the third consecutive year of falls for the equity...

Corporate bonds come out best.(Brief Article)
January 13, 2003... Figures from the IMA show the corporate bonds sector managed to outperform the other major IMA sectors last year. An investment of GBP1000 on an offer to bid net income reinvested, UK Sterling basis from 31 December 2001 to 31 December 2002...

Bringing technology to the financial advice industry; Shaista Ahmed talks to Phil Wise, CEO of financial services electronic messaging service EMX, about the problems facing technology companies.(Brief Article)
January 13, 2003... Investment Adviser: Since the rights issue of early last year where funding for EMX was in crisis, has EMX managed to stay financially viable? Phil Wise: In essence, last summer we raised a hefty chunk of money, which was enough to see us...

SRI fund rolls out.(Brief Article)
January 13, 2003... DEUTSCHE Investment Trust has launched its first offshore ethical fund for retail investors. The Allianz Dresdner Global Sustainability fund is a sub-fund of the groups Luxembourg Sicav umbrella. The ethical fund is managed by Olaf...

Marks axes commission; BVI-based companies will aim to cut costs and charges for investment clients.(Brief Article)
January 13, 2003... by James Mawson Two British Virgin Islands-based companies have been launched to sell commission-free products through intermediaries. John Marks, the founder and chairman of Britex, formed the new companies at the start of January as...

OFFSHORE FUNDS; TOP 10 OVER THREE YEARS.(Brief Article)
January 13, 2003... Top 10 funds by sector, figures up to 23 December 2002, sell to sell, gross income reinvested