Isis is to bring two externally-managed FTSE All-Share tracker funds in-house and merge them with it...
Isis is to bring two externally-managed FTSE All-Share tracker funds in-house and merge them with its Isis All Share Tracker, creating a single portfolio of around £415m.
As part of the group's on-going fund rationalisation plans, targeted to take place in August, Isis is looking to reduce the overlap it has with its passively managed portfolios.
The two funds, the £7m Isis Reo UK Tracker and the £54m FP UK Index Tracker, are currently managed by State Street on a sampling basis. The enlarged fund will be run on a full replication basis by James Harwood, who already runs the in-house tracker.
The product will have no initial charge and an annual management fee of 0.3%, compared to the 1% annual currently levied on the externally-managed funds.
The funds were originally contracted out to State Street by Friends Ivory & Sime, which comprised half of the current Isis structure prior to the merger with Royal & SunAlliance in 2002. The Reo-branded fund was part of the group's responsible engagement overlay, which undertook to make representations to the fund's investee companies on socially responsible investing issues.
Isis is to merge 22 Friends Provident funds into its own retail range by the end of August, with the aim of running core portfolios in the North America, Japan, Far East, emerging markets and global sectors.
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