Investment Adviser articles from November 2008

Investment Adviser archives from November 2008

Choice: the pensions buzzword.
November 3, 2008... Byline: Mary Stewart In the past, the regulations for what was deemed acceptable saving were strict, but the new rules are more flexible A-Day may be fast retreating into history but its significance should not only be remembered for...

BlackRock looks to absolute return fund.
November 3, 2008... Byline: Nick Rice BlackRock is considering launching an absolute return bond fund to complement its GBP1.4bn UK Absolute Alpha fund. Alex Hoctor-Duncan, head of UK retail, said the group would be taking a look at product development in...

BoE policy-makers face fierce scrutiny.
November 3, 2008... Byline: Rob Langston Mervyn King and the MPC are under fire as Bank of England tries to navigate choppy waters Criticism of Mervyn King and the interest-rate-setting monetary policy committee has grown as the Bank of England looks set...

Castlestone lifts Nordic presence.
November 3, 2008... Byline: Jim Robinson Castlestone Management is broadening its European presence by expanding into the Nordic region. The alternative investment specialist has appointed Peter Andersson as business development director for the region....

Always look on the bright side of strife.
November 3, 2008... Byline: Philip Coggan 'Be greedy where others are fearful' - opportunities are out there, but access via funds In the midst of turmoil, we must try to look on the bright side. For years, it has been hard to find asset classes that...

Multi-manager sales to grow quickly.
November 3, 2008... Byline: Nick Rice Multi-manager fund sales will grow faster than sales of single-manager products, according to Skandia Investment Group (SIG). A Skandia survey of 300 financial advisers revealed consumer demand was expected to drive...

Credit crisis severely impacting fixed interest funds.
November 3, 2008... Byline: Nick Rice The credit crunch had a severe impact on UK fixed interest funds in the third quarter, according to Standard & Poor's Fund Services. Irina Schoenberg, analyst at S&P Fund Services, said performance had been extremely...

IMA calls for new passport scheme.
November 3, 2008... Byline: Rob Langston The IMA has called on the European Commission to take affirmative action and establish a new passport scheme within the Ucits IV regime. The investment management trade body said proposals from the Committee of...

Friends appoints Phipps as director.
November 3, 2008... Byline: Jim Robinson Friends Provident has appointed Robin Phipps as an independent director, subject to regulatory approval by the FSA. Mr Phipps is currently a non-executive director at GE Money UK and Partnership Assurance, as well...

Keydata fund targets power-plant returns.
November 3, 2008... Byline: Rob Langston Keydata International has launched a new fund, offering investors access to returns generated by small-scale renewable energy power plants in Europe. The Keydata International Renewable Energy fund will invest in...

Keydata launches first energy fund.
November 3, 2008... Byline: Nick Rice Keydata International has launched its first fund, designed to invest in a portfolio of renewable energy power plants. The Cayman Islands-domiciled Keydata International Renewable Energy fund provides returns linked...

Matrix set to launch two FoHFs next year.
November 3, 2008... Byline: James Kenny Chief investment officer maintains future products will be uncorrelated to equities Matrix Group is gearing up to launch two funds of hedge funds next year under the direction of Stuart Ratcliff. Mr Ratcliff...

UBS angers advisers with closure of unit.
November 3, 2008... Byline: Daniel McAllister Closure of UK administration and custody business has financial advisers up in arms The move, which came as a bolt out of the blue for its clients, has angered many IFAs and sparked concerns of downsizing at...

Distribution appoints new product manager.
November 3, 2008... Byline: Rob Langston Financial services technology provider Distribution Technology has appointed Alison Everett as its product manager for financial planning tools. Ms Everett joins from Skandia, where she worked for 18 years holding...

Jupiter appoints four private client managers.
November 3, 2008... Byline: Rob Langston Jupiter Asset Management has appointed four new private client managers in its latest expansion of the division. Oliver Burns, William Day, David Blake and William Luttrell-Hunt all join from Bestinvest this month....

Business charity praises corporate responsibility.
November 3, 2008... Byline: Rob Langston Greater corporate responsibility can help improve financial performance, according to the latest research from Business in the Community. The business charity found listed companies that actively manage corporate...

OBSR announces new ratings.
November 3, 2008... Byline: Rob Langston Old Broad Street Research has announced a raft of new ratings for a number of funds run by Gartmore, Newton and Investec. The Gartmore Global Focus, Newton International Growth, Investec Global Energy and Gartmore...

Registration open in JPM competition.
November 3, 2008... Byline: Rob Langston Registration for this year's JPMorgan Fantasy Fund Manager competition has now opened. A GBP35,000 grand prize will be awarded to the best-performing adviser, with monthly prizes for top performers. Entrants...

AIC reports fewer new trusts.
November 3, 2008... Byline: Rob Langston According to the AIC, there have been just nine new investment trust launches in 2008, raising just GBP1.1bn, compared with 19 new launches seen during the whole of 2007. Annabel Brodie-Smith, director of...

Investment dreams for memorial halls turn to ashes.
November 3, 2008... Byline: Anna Lawlor Desperate investors wooed by the promise of investing in an asset class "safer than banks" have been burnt by a pyramid scheme which ostensibly involved investing in life after death. Perhaps not an obvious realm for...

Friends in F&C move.
November 3, 2008... Byline: Nick Rice Friends Provident said it will distribute its stake in F&C Asset Management to its own shareholders after it failed to find a suitable bidder for the company. It said giving the stake to its owners had become the...

Jupiter appoints new non-executive director.
November 3, 2008... Byline: James Kenny Jupiter Investment Management has appointed Matteo Perruccio as non-executive director. Mr Perruccio has worked in various European financial institutions and recently been appointed chief executive at Hermes Funds...

MM shake-ups 'come as shock'.
November 3, 2008... Byline: Nick Rice Replacement of manager the latest in a series of changes The latest in a line of multi-manager shake-ups will see Nick Pothier replace Cara MacGregor as lead manager of the GBP92.4m HSBC Open Global Return fund. ...

Axa, Barclays launch new mirror fund.
November 3, 2008... Byline: Rob Langston Axa Isle of Man and Barclays Wealth have launched a new mirror fund that invests in the Barclays Wealth Defined Returns Plan (Annual Kick Out) October 2008. The new launch, marketed under Axa Isle of Man branding...

IFAs eye 'third way'.
November 3, 2008... Byline: James Kenny More than seven out of 10 IFAs expect to sell more retirement "third-way" products going forward, according to IFA support service provider Threesixty. In a survey of IFAs, Threesixty found 71 per cent expected to...

S&P ramps up downside protection for investors.
November 3, 2008... Byline: James Kenny Standard & Poor's is expanding its Dividend Investor Index Series to include markets in Asia, Australia, Europe and Japan to give investors better downside protection. The Dividend Investor Series is designed to...

Scottish Mortgage is top investor trust, says report.
November 3, 2008... Byline: James Kenny Alliance Trusts's quarterly report shows last quarter's number one dropping two places Alliance Trust Savings has published its quarterly Alliance Trust Isa Ranking for the second quarter of the 2008-09 tax year...

Teaching's gain.
November 3, 2008... Byline: Hugo Greenhalgh It has become a common complaint for many an undergraduate: why do I have to miss out on the boom years? After over five years of a bull market, automatic entry jobs into the City at GBP40,000 are becoming rarer....

Diversity in sector no bar to success.
November 3, 2008... Byline: Laura Mossman Profusion of multi-manager funds need not cancel out active values For managers within the IMA Active Managed sector the main aim is proving that the funds they oversee are as far from closet trackers as possible....

Cofunds named best fund platform.
November 3, 2008... Byline: Rob Langston Cofunds has been named "best fund platform" at the recent Adnitor UK Platform awards, seeing off competition from Fidelity FundsNetwork, following a recount of votes that revealed a one-vote lead for the platform. ...

Fidelity to hold a series of volatility workshops.
November 3, 2008... Byline: Rob Langston Fidelity International will hold a series of volatility workshops for advisers across the UK in November. The workshops, which will analyse recent events in markets and identify opportunities for advisers in the...

First London to roll out clean tech fund.
November 3, 2008... Byline: Rob Langston Firm will launch fund investing in sustainable energy research early next year First London has revealed plans to launch a new energy technology fund to invest in sustainable energy research and technology methods....

Akra eyes UK market.
November 3, 2008... Byline: James Kenny Akra Investment Funds, the second-largest investment fund company in Poland, is exploring the possibility of breaking into the UK market on the back of a new Polish equity fund. The company, backed by Allied Irish...

Market turmoil delays Senhouse fund launch.
November 3, 2008... Byline: James Kenny Senhouse Capital has delayed the launch of its second fund, citing recent market volatility. The investment boutique - set up by former Bedlam Asset Management fund managers Charles Scott Plummer, Julian Pendock and...

Credit crisis slashes companies' values.
November 3, 2008... Byline: Daniel McAllister DigitalLook says 'rash of cheap stocks' available to savvy investors The global credit crunch's sucker punch to the UK stock market has left nearly a third of FTSE100 companies trading at a discount to their...

Neptune boosts senior management.
November 3, 2008... Byline: Daniel McAllister Neptune Investment Management has promoted Richard Green to deputy managing director, starting in the role this week. Mr Green joined the Neptune board as corporate development director from Barclays Wealth in...

FSA takes steps to wind up Cameron Farley.
November 3, 2008... Byline: Sharon Flaherty The FSA has lodged a petition in the High Court to wind up Cameron Farley, a financial adviser firm based in Edinburgh. The High Court has also appointed Robert Caven and James Earp, of Grant Thornton, as...

Send this diary item to everyone you know on Facebook.
November 3, 2008... Byline: Daniel McAllister is a freelance journalist City bigwigs have got it totally wrong. Allowing staff to whittle away hours on end on social networking site Facebook is actually good for business, according to research from think-tank...

Impressing Sharon in sails.
November 3, 2008... Byline: Rob Langston Diary was at the centre of its own yachting controversy recently, after becoming the lucky recipient of a 3ft-tall, remote-controlled yacht. The yacht was won in a raffle at the prestigious Skandia Sailability...

Woolnough shifts to positive strategy on credit.
November 3, 2008... Byline: Stephen Wilmot Fixed income veteran Richard Woolnough last month overweighted credit risk in his GBP166m M&G Strategic Corporate Bond fund for the first time in over three years. He said: "The credit markets are expecting a...

We need a dartboard for Brown's voodoo economics.
November 3, 2008... Byline: James Kenny Diary recently read that French President Nicolas Sarkozy has threatened to sue a publishing company if it does not withdraw from shops a "voodoo doll" in his image. The doll comes with pins and a manual with...

A look at the pit dwellers.
November 3, 2008... Byline: Chris Traulsen Active Managed funds appear not to have been terribly diligent in their efforts to protect shareholder capital, despite the IMA's sector definition permitting them wide leeway in their exposure to equities. That...

Barings boosts UK retails sales team.
November 3, 2008... Byline: Daniel McAllister Baring Asset Management has bolstered its UK retail sales team with the appointment of Carl Wilmore as account manager. Mr Wilmore will be responsible for sales to asset manager clients and starts in the post...

'Almost impossible' to pick winners: Cass.
November 3, 2008... Byline: Nick Rice Few UK equity funds with three-year-plus records show positive alpha, school finds It is almost impossible for investors to pick a UK equity fund that is very likely to outperform, according to Cass Business School....

Materials sector lifts Neptune to top 10%.
November 3, 2008... Byline: Nick Rice Fund manager Jeremy Smith wins from playing trends in steel, fertilisers and paint The manager of the GBP18.1m Neptune UK Equity fund has said basic materials plays helped lift him from third quartile to top decile...

Retreating investors will lose out: RWC.
November 3, 2008... Byline: Nick Rice Underperformance is not a cue for investors to withdraw, says RWC Partners's Mannix Investors should not abandon absolute return funds just because many of them have periods of underperformance, RWC Partners has...

Think-tank predicts bleak jobs outlook for London.
November 3, 2008... Byline: James Kenny Almost 200,000 jobs are set to be lost in the capital as the credit crunch settles in The London job market is set for a major blow next year with as many as 194,000 jobs set to be lost as the credit crunch takes...

OBSR delists several funds.
November 3, 2008... Byline: Daniel McAllister Old Broad Street Research has removed a string of underperforming UK retail funds from its service. Following the OBSR's fund ratings meeting on 9 October, it has decided to scrap the ratings for the Legg...

Liquid muzak Merlot best savoured in menage a deux.
November 3, 2008... Byline: Feargus O'Sullivan The prestige of the Merlot grape variety has taken a nosedive since Paul Giamatti's character in the film Sideways memorably described it as "fucking Merlot". His scorn is not entirely unjustified: with its low...

Insight replaces chiefs.
November 3, 2008... Byline: Nick Rice A dramatic shake-up at Insight Investment's multi-asset group has seen its co-heads replaced after a director of investment selection resigned last month. Patrick Armstrong and Ana Cukic Armstrong, co-heads of the...

Wild markets are causing poor results: Credit Suisse.
November 3, 2008... Byline: Nick Rice Aidan Kearney says GBP39,3m fund's poor results are due to market volatility wiping out 'everything but cash' Wild and irrational markets are to blame for the underperformance of the GBP39.3m Credit Suisse Multi-Asset...

Schroders's profits hit by GBP3.1bn of outflows.
November 3, 2008... Byline: Rob Langston Outflows for nine months to September contrast with GBP5.1bn of inflows for the year before The company saw net retail outflows of GBP3.1bn for the nine months to 30 September, compared with net inflows of GBP5.1bn...

Axa, Insynergy seal mutually beneficial deal.
November 3, 2008... Byline: Daniel McAllister Axa-backed investment firm Architas Multi-Manager has sealed an exclusive distribution partnership with new boutique fund manager Insynergy Investment Management. Insynergy was set up by chief executive Spike...

UK indicators point to a 'post-Lehman train wreck'.
November 3, 2008... Byline: Jim Robinson Recent UK monetary indicators have pointed to a "post-Lehman train wreck", according to Simon Ward, chief economist at New Star. Mr Ward said the dramatic negative shift in the economic outlook resulting from the...

Skandia appoints new investment consultant.
November 3, 2008... Byline: Jim Robinson Skandia has appointed Christopher Cade to the newly created position of investment consultant. Skandia said Mr Cade - who will report to Graham Bentley, head of investment marketing - would be responsible for...

S&P downgrades New Star and Fortis in annual review.
November 3, 2008... Byline: James Kenny Fortis and New Star Asset Management were among the funds downgraded by Standard & Poor's as part of its annual review into high-yield funds. The GBP191m New Star Extra High Yield fund was downgraded to A/V5. As...

More investors seek out advice: Unbiased.
November 3, 2008... Byline: James Kenny Independent financial advice, especially on retirement planning, is in high demand More and more investors are seeking advice as the impact of the credit crisis is felt and recession looms, according to IFA website...

FSA fines Sindicatum over systems failings.
November 3, 2008... Byline: Rob Langston The FSA has fined London-based advisory firm Sindicatum Holdings and its money laundering reporting officer for having inadequate anti-money laundering systems. The fining of Michael Wheelhouse, money laundering...

Eaglet renamed Directors' Dealings.
November 3, 2008... Byline: Rob Langston Eaglet investment trust has written to shareholders outlining its proposals for the future strategy of the fund and its renaming as the Directors' Dealings investment trust. The trust's board and fund manager, Knox...

Are Reits the elusive haven S&P claims?
November 3, 2008... Byline: Anna Lawlor It is a sign of the times that performance producing 14% losses should merit a call to buy Investors should not overlook the potential of real estate investment trusts, an asset class that has outperformed direct...

US elections to shake up financial systems.
November 3, 2008... Byline: Daniel McAllister The outcome of the US election this week will have a far-reaching impact on the country's financial system and business sectors, according to fund managers Threadneedle. Cormac Weldon, head of US equities at...

Stock prices 'at odds' with long-term prospects.
November 3, 2008... Byline: Jim Robinson A combination of weakening fundamentals, technical selling and sheer panic is producing stock prices that are "at extreme odds" with companies' long-term prospects, according to Schroders. Nicholas Kirrage,...

Rathbones launches online portfolio-valuation service.
November 3, 2008... Byline: Jim Robinson Rathbones has launched an online portfolio-valuation service for IFAs who use its discretionary fund management service for high net worth clients. Rathbones said the system would offer "wrap-type functionality"...

Insight appoints Colmn McDonagh as head of emerging markets.
November 3, 2008... Byline: Daniel McAllister Insight Investment has appointed Colm McDonagh as head of emerging markets on its fixed income team. Mr McDonagh, who will report to Adrian Grey, head of fixed income at Insight, has 12 years' experience in...

FundsNetwork reports 'all asset classes' hit by crisis.
November 3, 2008... Byline: Daniel McAllister The whole gamut of asset classes took a pounding during September in the wake of the violent upheaval of the global banking system, according to Fidelity FundsNetwork. Funds across the board suffered in the...

Fortis raises its sustainability clout.
November 3, 2008... Byline: Jim Robinson Fortis Investments has appointed Cyril Lin to its independent advisory committee on socially responsible investment, based in Frankfurt. The 10-strong team is backed by an independent international SRI advisory...

Gartmore cashes in last put options for GBP7m in profit.
November 3, 2008... Byline: Rob Langston The Gartmore Growth Opportunities fund has cashed in its remaining FTSE100 put options, locking in total profits of GBP11.6m. Gervais Williams, manager of the fund, said the decision to realise the remaining put...

Aifa council appoints new deputy chair.
November 3, 2008... Byline: Jim Robinson The Association of Independent Financial Advisers has appointed Ivan Martin, executive chairperson at Sesame, as deputy chairman of the Aifa council. Mr Martin will serve alongside Amanda Davidson after Aifa...

Aegon reassures customers over capital strength.
November 3, 2008... Byline: Sharon Flaherty Aegon UK last week reassured customers of its capital strength after its parent company secured 3bn euros(GBP2.4bn) of additional core capital from the Dutch government in a bid to protect itself against the credit...

F&C warns that market turmoil spilling into wider economy.
November 3, 2008... Byline: Daniel McAllister Global market turmoil is ploughing on unabated into the wider economy with no obvious end in sight, warned asset managers F&C. Financial markets continue to face "severe stress", with relentless downward...

PSigma hires sell-side veteran Hallam to UK equities team.
November 3, 2008... Byline: Daniel McAllister PSigma Asset Management has appointed David Hallam to its UK equities team. Mr Hallam joins PSigma with more than 25 years' experience as a sell-side analyst, having started his career at Montagu Loebl Stanley...

Credit Suisse tips rally in UK mid-caps.
November 3, 2008... Byline: Nick Rice UK mid-caps have hit multi-decade lows and should prove the biggest winner when UK equities rally, according to Credit Suisse Asset Management. Justin Jordan, portfolio manager at Credit Suisse, said the FTSE Mid 250...

UK financials losses hit GBP122bn, says BoE.
November 3, 2008... Byline: James Kenny Wolrdwide losses amount to GBP1.8trn due to financial crisis, according to Bank report Worldwide losses for financial firms have hit a total of $2.8trn (GBP1.8trn) due to the financial crisis, according to the ...

Carbon emissions reach London Stock Exchange.
November 3, 2008... Byline: James Kenny Investors will now be able to access the carbon futures market as ETF Securities has released its first Carbon Exchange Traded Commodity on the London Stock Exchange. The new ETC is designed to track the price of...

Real estate investors face 'once in a life' chance to buy: Principal.
November 3, 2008... Byline: James Kenny Portfolio manager Simon Hedger says listed real estate has fallen 60% since high but is on 'cusp of recovery' Now is a "once in a lifetime" opportunity for investors to purchase cheap, listed real estate, according...

Invesco drops ETF option for investors.
November 3, 2008... Byline: Rob Langston Invesco Perpetual has abandoned plans to offer investors the option to roll their investments in its Japanese investment trust into its newly launched ETF The announcement came as the trust wrote to investors in...

Nucleus predicts IFAs will abandon life platforms.
November 3, 2008... Byline: Nick Rice Independent wrap chief executive says more life companies would bring propositions to market over next 12 months Although life offices will continue to launch platforms, advisers will abandon them for more flexible...

IMA reports drop of 19% in UK AUM.
November 3, 2008... Byline: Rob Langston UK retail funds under management fell by 19 per cent to GBP380bn in September compared with September 2007, according to research from the Investment Management Association. However, the IMA suggested this was more...

Charles Bathust joins JO Hambro.
November 3, 2008... Byline: Daniel McAllister JO Hambro Investment Management has appointed Charles Bathurst as director and head of fund distribution. Mr Bathurst joins JO Hambro from Old Mutual Asset Managers, where he was director of international...

Towergate appoints Darby as chief executive.
November 3, 2008... Byline: Daniel McAllister Specialist financial advisory firm Towergate Financial has appointed Ian Darby as its chief executive. Mr Darby, who started at Towergate on 31 October, worked for 16 years at mortgage broking business John...

Plan B needed: Buxton.
November 3, 2008... Byline: Jim Robinson Global authorities, despite having "moved ahead of the curve" through their concerted actions, may need to look towards Plan B to minimise the impact of a number of worrying recent events, according Richard Buxton. ...

Barings touts fixed income.
November 3, 2008... Byline: Daniel McAllister Absolute return fixed income funds are a great source of diversification and returns in these turbulent market conditions, according to Baring Asset Management Rod Aldridge, head of UK retail distribution at...

Sarasin rolls out Dubai manager.
November 3, 2008... Byline: James Kenny The Sarasin Group is extending its asset management reach by creating a new Dubai-based fund manager called Sarasin-Alpen & Partners. The new firm is a joint venture between Bank Sarasin-Alpen of Dubai and Sarasin...

Migration from Ucits funds continues, says Efama.
November 3, 2008... Byline: James Kenny The exodus from Ucits funds continued apace in the second quarter, with funds suffering more than 59bn (GBP47.2bn) in net outflows, according to the European Fund and Asset Management Association. Ucits funds had...