Bates Investment set to overhaul company fund structure

Bates Investment Services is planning to move its funds of funds into a retail Oeic structure. Shane Balkham, lead manager on the portfolios, says the move will allow him to invest in a wider range of funds.

As part of the change, Bates’s funds of funds division will be spun off into a private limited company. Ownership of the new business, which is yet to be named, is likely to be split equally between Balkham and Andrew Burnnett, his business partner.

Administration of the 10 risk-rated portfolios, which were launched in November 2004, will be handled by either Premier Asset Management or Margetts. Balkham expects assets under management to rise from £55m to £100m by the end of 2008.