Abbey National for Intermediaries (Anfi) is to launch a manager of managers (Mom) Oeic to the interm...
Abbey National for Intermediaries (Anfi) is to launch a manager of managers (Mom) Oeic to the intermediary market in September.
The offering will also be available across other companies in the Abbey National group, which includes Scottish Mutual, James Hay, Cater Allen Private Bank and Abbey National's branch network. In addition, it will be offered via the wrap platform that launches in September.
The Oeic, Abbey National MultiManager will have around 10 sub-funds. It is to be run by Inscape, the group's in-house Mom division.
The sub-funds will offer a choice of risk and reward profiles from 100% bonds to 100% equities. As well as forming part of the Mom proposition, the sub-funds will be available for direct investment. They will be benchmarked against composite indices rather than peer groups.
Managers will be employed on direct contracts, enabling Anfi to replace them quickly if necessary. Inscape currently uses managers such as State Street, Merrill Lynch, Schroders and Goldman Sachs and further managers will be added for the new service.
Anfi is aiming to have a total expense ratio (TER) on the service of 1.78%.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till