Insight opens funds to N&P clients

Insight Investment has secured a deal to offer three of its multi-manager funds through the Norwich and Peterborough Building Society’s financial advice service.

N&P customers will be able to access the 18m Balanced, 24m High Income and 75m Growth funds within Insight’s Wealth Builder range from July 1.

Ana Cukic-Munro and Patrick Armstrong co-manage the Wealth Builder funds.

Lawrence Hawthorn, UK partners director at Insight, says: “The deal is part of a deliberate strategy and is in line with changes occurring in financial services, where many companies have revisited their business models, including Norwich and Peterborough.”

Hawthorn adds: “We think there are opportunities within the building society area and Insight is looking to agree a select number of partnerships. This is the first of our agreements with a building society and we are currently in active discussions with several groups with targeted markets. We are looking to continue to build the business and give consumers what they want.”

N&P changed its business model from being a tied agent to become an independent financial adviser, launching its financial advice service in October 2003.

John Wilcox, N&P head of product marketing, says: “We have been watching the development of multi-manager funds within the marketplace. They are increasingly high profile and we felt it was something we should offer through our IFA service. The benefits of multi-manager portfolios are clear.”

“We are offering multi-manager funds from a number of providers within the Active Managed, Balanced Managed, Cautious Managed and Global Growth sectors,” he explains.

Hawthorn says: “N&P’s progressive thinking is in line with our strategy and allows its customers to access our risk management capabilities within its portfolios.

From July 1, 42 different multi-manager funds will be available to N&P customers from 13 asset managers, including Abbey, Credit Suisse, Gartmore, F&C, Fidelity, Jupiter and Skandia.

The building society worked with Old Broad Street Research using several criteria to choose the panel of funds to offer to its customers. The funds available include both fund of funds and manager of managers products.