Fund Strategy
23 June 2008

  • Adviserzone the corporate agenda

    23 Jun 2008

    Too often employers focus on pension scheme membership and contribution levels while ignoring the other financial burdens - mortgages, debt, and saving - of staff.

  • In briefCorporate Adviser writers scoop top journalism awards

    23 Jun 2008

    Corporate Adviser editor John Greenwood was named Pension Writer of the Year 2008 (Trade Media) at the Headline Money awards last month. The awards, which were judged by a panel of 100 industry experts and national and trade journalists, were presented at a ceremony held at London's Park Lane Hilton. Paul Farrow, Corporate Adviser's investment journalist, was also named Investment Writer of the Year at the event.

  • In briefHewitt warns on IAS19 reform

    23 Jun 2008

    Hewitt Associates says the IASB's recent proposed reforms to accounting standard IAS19 could wipe out the adoption of risk sharing pension arrangements. In a recent survey of Hewitt clients who have made benefit changes since 2000, around 20 per cent had moved to a risk sharing scheme that could fall foul of these proposals, says Kevin Wesbroom, global risk services lead at the firm.

  • In briefThomsons and BDO Stoy form strategic partnership

    23 Jun 2008

    Thomsons Online Benefits and BDO Stoy Hayward Investment Management have entered a new strategic partnership to offer individual financial advice to employees who use Thomsons' Perquisite platform for flexible benefits and total reward.

  • A high-gear collision with the bears

    23 Jun 2008

    The Invesco Property Income Trust has revealed the problems that arose after plunging market sentiment forced it to fund the £100m purchase of a European property portfolio through debt.

  • A world of value

    23 Jun 2008

    The Aegon Global Bond fund is a best-ideas fixed income fund with the ability to exploit a wide range of alpha sources.

  • Abbey to get the expansion habit

    23 Jun 2008

    Much has changed for Abbey since Santander took it over. With new people, a fresh structure and funds renamed, it can call on expertise from around the world, writes Frances Hughes.

  • Adroit moves steer fund to safety

    23 Jun 2008

    Aidan Kearney, of Credit Suisse Multi-Manager Balanced Managed, says the fund has survived the volatility because exposure to Britain was slashed in favour of America, Japan and Russia.

  • Auto-enrolment gets EU thumbs up

    23 Jun 2008

    Automatic enrolment will be extended to insurance-based workplace pensions from 2012, secretary of state for work and pensions James Purnell announced last month.

  • Balance tips from UK to American

    23 Jun 2008

    AFI panellists showed a marked shift from British to American equities in May's rebalancing. They are looking for better returns after the Balanced index underperformed last season.

  • Blame game stymies potential for growth

    23 Jun 2008

    Until recently the phrase "subprime" probably suggested lower quality cuts of beef to most people. But today "subprime" and "credit crunch" have entered the popular vocabulary.

  • Bramdean names new chairman

    23 Jun 2008

    Bramdean Asset Management has appointed Peter Barton as its chairman with immediate effect. He succeeds Sir Derek Higgs, who died at the end of April. Barton will retain his non-executive directorship of Bramdean Alternatives, the investment company whose assets are managed by Bramdean.

  • Conroy quits Aberdeen for HSBC Russia remit

    25 Jun 2008

    Edward Conroy has left his role in Aberdeen's global emerging markets team to join HSBC.

  • Construction lifts GDP growth beyond forecast

    23 Jun 2008

    While news of a jump in spending by British consumers is being absorbed by the market, figures for Russian GDP growth in the first quarter may also make for worrying reading.

  • Copperbottomed

    23 Jun 2008

    It was only a couple or so years ago that experts were urging pension funds to increase their exposure to commodities and make the most of the boom.

  • Creative cuts can be painless

    23 Jun 2008

    The annual pay round in the Independent's offices finally crept up upon us last month - and in these tough times, there was, unsurprisingly, not a lot of money swilling around in the company coffers to give us a nice juicy pay rise.

  • Define your plans clearly

    23 Jun 2008

    When defined contribution pension plans were first introduced, some people may have hoped that employees would act as the perfectly rational consumers of classical economic theory by making optimal saving and investment decisions in accordance with their personal preferences; doing, effectively, everything that the professionals had done for them before.

  • Detailed examination

    23 Jun 2008

    Defined contribution schemes are set to come under closer scrutiny from the Pensions Regulator over the next three years.

  • Don't miss the next issue...out july 2008

    23 Jun 2008

  • Dynamic road is way to avoid pitfalls

    23 Jun 2008

    Market volatility prompts investors to safeguard returns and avoid risk with alternative strategies. However, every manager has a different approach with differing results.

  • E.Tr@der

    23 Jun 2008

    I do rather get the impression you are avoiding me. If we are to fulfil Hugh's plans we are going to have to co-operate. Did you know, for example, that your fund is creeping up the tables? We need to get this story out.

  • Elite fund offers chance to diversify overseas

    23 Jun 2008

    A new European equity income fund of funds to be launched in two weeks' time. Elite Integrity European Income, aims to offer an opportunity for British investors to diversify their equity income exposure away from Britain.

  • Fitter, happier, more productive

    23 Jun 2008

    The latest employee benefits promise a new improved workforce. Employees, the providers claim, will be happier, healthier and more productive. But, with these tools often provided free with other benefits or costing a matter of a few pounds per person, can they really deliver all that they promise?

  • Framlington split-cap trust to be liquidated

    23 Jun 2008

    The Framlington Income & Capital Trust, a split capital investment trust managed by Richard Peirson, is to be liquidated. Axa Framlington says the fund has reached the end of its natural life.

  • Fund clinches £5m in share issue

    23 Jun 2008

    Triodos Renewables Energy fund has announced that its recent share issue has secured £5m in investment in the first month. Triodos Renewables has grown since the last share issue. An investment in the company's last share issue in 2005 would have returned 22.9% in the past three years or an average of over 7% per year.

  • Fund Manager's Diary

    23 Jun 2008

    Saturday My one lie-in of the week. Still getting my head round the oil price, which as a mega bull, suits me just fine. As with most weekends it is all about feeding, changing and playing with my 15-month-old daughter, while trying to sneak time to read the paper. Have a truly awful meal out with friends in the evening.

  • Fund Strategy scoops top prizes

    23 Jun 2008

    Fund Strategy had a successful evening at the Association of Investment Companies (AIC) annual awards last week. Adam Lewis, the deputy editor, was voted the AIC Trade Journalist of the Year for the second time. The AIC Trade Freelance Journalist of the Year was won by Simon Hildrey, a contributor to the magazine. It is also the second time Hildrey has won.

  • G8 ministers urge oil price inquiry as inflation mounts

    23 Jun 2008

    The rapid rise in inflation has replaced the global credit crunch as the key worry for the world economy, finance ministers from the Group of Eight (G8) richest nations have indicated at set-piece talks in Japan.

  • Group pensions and protection business falls

    23 Jun 2008

    Regular premium group business fell across pensions and protection in the first quarter of 2008, compared to the same quarter last year according to figures from the ABI.

  • Group quietly confident despite political noise

    23 Jun 2008

    Naz Khan, chief executive officer of KASB Funds in Karachi, talks to Abigail Montrose.

  • Groups launch joint index

    23 Jun 2008

    Impax Group, an environmental investment firm and FTSE Group, a global index company, have launched the FTSE Environmental Opportunities All-Share Index. The new index, comprising 450 constituents, will cover alternative energy and energy efficiency, water treatment and pollution control technologies and resource management.

  • Hodson challenges Axa on smaller business approach

    23 Jun 2008

    Pension providers who refuse to quote for smaller schemes should learn from the healthcare sector and do more to understand advisers' clients says Mark Hodson, group benefits consultant at Templar Financial Planning.

  • HSF acquires Irish HSA

    23 Jun 2008

    HSF Health Plan has acquired the Irish business of HSA Healthplan. Over 500 organisations in Ireland from the voluntary, public and private sectors, offer HSF Health Plan to their staff. The acquisition will bring HSF's total number of contributors in Ireland to over 130,000. HSF Health Plan claims totaled £14m in Ireland and the UK during 2006/2007 and over 80 per cent of the 170,000 claims were paid out for non-hospital medical costs.

  • HSF buys Irish arm of HSA

    23 Jun 2008

    HSF Health Plan has acquired the Irish business of HSA Healthplan. Over 500 organisations in Ireland from the voluntary, public and private sectors, offer HSF Health Plan to their staff. The acquisition will bring HSF's total number of contributors in Ireland to over 130,000. HSF Health Plan claims totaled £14m in Ireland and the UK during 2006/2007 and over 80 per cent of the 170,000 claims were paid out for non-hospital medical costs. The most popular claim categories among contributors .

  • Inflows exceed outflows into European equities

    23 Jun 2008

    For the first time in five months the amount of money flowing into European equities was larger than the amount of outflows. This is according to Lipper Feri, a data and analysis provider on the European mutual funds market.

  • JLT swoops for Orbit management

    23 Jun 2008

    Jim Carlton, chief executive of Orbit Benefits and six senior members of his team have quit the firm to set up a platform for JLT Benefit Solutions.

  • Keeping job is more important to UK workers than private health treatment

    23 Jun 2008

    UK workers are more concerned about keeping their job than getting private treatment if they are diagnosed with cancer, according to research from Aon Consulting. 

  • King blames inflation rise on global forces

    23 Jun 2008

    Inflation took a higher profile in public discussion last week than for many years.

  • L&G's inside track on index funds

    23 Jun 2008

    Money floods in to index funds, but the increase of resources companies in the FTSE 100 index worries some experts. L&G, a leading player in tracker funds, has an answer to their concerns.

  • Making it pay to save

    23 Jun 2008

    The pensions industry is breathing a huge sigh of relief after the Government confirmed the European Union does not see auto-enrolment as breaching the Distance Marketing Directive. The decision has also sounded the starting gun for advisers to step up their communications with employees about what responsibilities and extra costs they will face in 2012 and the solutions available to deal with them.

  • Martin Currie starts move back to equities

    23 Jun 2008

    Tom Walker, manager of the Martin Currie Portfolio investment trust, has begun to reduce cash in the fund and started to buy back into equities, despite continuing market pessimism.

  • McKenzie calls for wellbeing to feature on balance sheets

    23 Jun 2008

    Investment in health and wellbeing should become a regular boardroom topic and feature more prominently on companies' balance sheets, says work and pensions minister Lord McKenzie.

  • Melchior Pakistan fund launched

    23 Jun 2008

    The Melchior Selected Trust Pakistan Opportunities Fund was launched last week. It is managed by Dalton Strategic Partnership and advised by KASB Funds in Karachi. The fund is the only Luxembourg Ucits portfolio dedicated to investing in Pakistani equities.

  • MidasCapital broadens team

    23 Jun 2008

    Midas Capital, a multi-asset investment manager, has appointed Nick Pearse as business development manager for the Midlands. The new role is part of the broadening of the Midas business development team following the merger of Midas Capital Partners and iimia MitonOptimal. Pearse joined MitonOptimal in 2005.

  • New mandates in Santander revamp

    23 Jun 2008

    The UK equity mandates across the entire range of Santander UK multi-manager funds are changing.

  • Omam Asian Select manager to leave

    23 Jun 2008

    Suresh Sadasivan, the manager of the £86m Old Mutual Asian Select fund, is to leave the group. Old Mutual Asset Management (Omam) has also announced that Andrew Tunks, the head of fixed interest and macro, has taken over management of its two multi-asset funds.

  • Personal accounts: the domino effect

    23 Jun 2008

    The introduction of almost any piece of employment legislation will inevitably have more far-reaching effects for employers than originally intended. The latest plans for pensions reform, which will see the introduction of automatic enrolment and compulsion when it comes into effect in 2012, are no different. As well as forcing employers to review their pensions provision, it could also mean that they revisit the overall benefits package they provide for staff.

  • Phelim Boyle awarded gold medal by Institute of Actuaties

    23 Jun 2008

    Professor Phelim Boyle (right), the actuary who developed the Monte Carlo method of pricing options has been awarded the first Gold Medal to be given out by the Institute of Actuaries in a decade. Currently holding the position of Professor of Finance at Wilfrid Laurier University in Canada, Boyle has received the award, only the 13th Gold Medal that has been awarded since the inception of the medals in 1919 in recognition of the important contribution he has made to actuarial science ...

  • SCAM

    23 Jun 2008

    The chairman pooh-poohs the idea that he is similar to Sir Alan Sugar - and his nine-year-old granddaughter recruits her hyperactive friends for a fund-raiser to help beleaguered funts.

  • Share schemes surge by 600,000 in 2007

    23 Jun 2008

    A big increase in the popularity of employee share plans means approximately 5 million UK employees are currently participating in schemes, says ifs ProShare.

  • Skandia announces team for Alternatives Fund

    23 Jun 2008

    Skandia Investment Group (SIG) has announced the 10 managers who will run assets in its new Alternatives Fund, which was launched this week.

  • Skandia unveils offer on new trusts

    23 Jun 2008

    Skandia International, the offshore cross-border business of the Skandia Group, has announced a special offer period on new trusts. Royal Skandia trusts established before December 31, 2008, and which utilise Royal Skandia's professional trustee service, will be offered free of the normal annual charges when at least £150,000 of the initial investment is made into Skandia's UK MultiManager funds.

  • Someone's looking at you

    23 Jun 2008

    The Retail Distribution Review may have been people's primary focus given the inevitable effect it will have on their future, but firms failing to act on the Data Security paper and the accompanying fact sheet for small firms may not actually make it as far as the implementation of RDR.

  • Standard return

    23 Jun 2008

    The idea that we could eventually have a group risk market in which intermediaries are not continually attacking insurers' service standards would have at one time been well nigh inconceivable. But there is now more than just a flicker of light at the end of the tunnel.

  • Success virtually assured

    23 Jun 2008

    Six months after splitting his creation in two, Sean Breslin, founder and managing director of Gissings Consultancy Services is focusing on what he is good at.

  • Surge in bulk buyouts to continue says LCP

    23 Jun 2008

    The market for transferring pension scheme risk to an insurance company has accelerated sharply over the past six months and is expected to grow rapidly according to a report from Lane Clark & Peacock.

  • Take it to the limit

    23 Jun 2008

    Advising those at risk of breaching the pension lifetime allowance can create an interesting dilemma for advisers as they search for ways to maximise opportunities for clients. Yet while pension saving may be the El Dorado of tax-efficient investment, there are still plenty of other options to consider.

  • Tax relief shock for high earners

    23 Jun 2008

    A quarter of a million high earners are each missing out on thousands of pounds worth of tax relief because they do not know it is up to them to claim it says Standard Life.

  • The big question adviserzone

    23 Jun 2008

    David Marlow, marketing director, Alexander Forbes Financial ServicesFrom our experience the pension is taken as the most critical benefit of all and would think it will be the last to come under pressure. Our research shows employers are more avuncular than you might think when it comes to pensions. They do not like the idea of staff leaving their employment with financial difficulties and for that reason I would be surprised to see pensions cut back if there is a downturn, although the ...

  • The high price of under-investment

    23 Jun 2008

    Market forces failed to correctly price energy and calibrate the balance of supply and demand - and as global demand increases the hike in the cost of oil cannot be blamed on speculation.

  • Time to take a stand

    23 Jun 2008

    As spring moves into summer the corporate advice sector can reflect on good progress having been made in some quarters, while other areas have seen issues highlighted that need more attention.

  • Total expense ratios continue to fall

    23 Jun 2008

    Total expense ratios (TERs) for funds of funds continue to fall, according to a report by Lipper. In its analysis of 138 funds from 24 providers, Lipper found that TERs for unfettered funds have fallen by an average of 17 basis points over the past three years.

  • TPR issues good practice guide after blast from parliamentary committee

    23 Jun 2008

    The Pensions Regulator has issued the first of its planned series of good practice guidance for trustees and employers in the wake of criticisms from an influential committee of MPs.

  • Trust boosts non-sterling assets

    23 Jun 2008

    The £570m Bankers Investment Trust has increased its exposure to non-sterling assets over the past six months and is likely to continue to do so. The Trust's interim results, published last week, show exposure to non-sterling assets at 53%. The manager, Alex Crooke, says he expects this to increase even further. He says there is both a threat and an opportunity arising from the weakness of sterling, with the trade-weighted value of the currency falling 9.4% over the past six months.

  • Up for the chop?

    23 Jun 2008

    Groups have launched a plethora of funds since the introduction of Ucits lll powers last year, which allow managers to take short positions of up to 100% of net asset value. So does this signal the death of traditional long-only funds? Tomas Hirst reports.

  • VAM real estate fund set for launch

    23 Jun 2008

    VAM Funds is to launch its VAM International Real Estate Equity fund next week, with Driehaus Capital Management as its investment manager. The fund, which will be part of VAM's Luxembourg-regulated Sicav, will invest in a diversified portfolio of non-US real estate investment trusts (Reits) and realty-related growth stocks in developed and emerging markets.

  • World is in stagflation, say managers

    23 Jun 2008

    Some 87% of managers interviewed in this month's Merrill Lynch Fund Manager Survey say the world is in a stagflationary environment of below-trend growth and above-trend inflation.

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