Morgan Grenfell was celebrating its victory at the first Investment Week Markets Forum and Fund mana...
Morgan Grenfell was celebrating its victory at the first Investment Week Markets Forum and Fund manager of the Year Awards, held at the Royal Albert Hall. It was praised for the quality of its funds across the board in major markets and won the unit trust of the year award.
Fidelity, meanwhile, was not so proud of its recent performance. It tightened up the risk control procedures of its London-managed institutional funds in an attempt to reduce the level of fund volatility relative to benchmark indices, in light of the short-term underperformance of its emerging market Sicavs the previous year.
The group announced it now planned to take fewer bets away from the benchmark index levels across many of its funds.
Meanwhile, it emerged that Invesco was to launch a major push into the IFA market with the appointment of Stuart Alexander as head of UK intermediary sales. He joined from Singers after Invesco had rationalised.
Reorganisation was also taking place at Gartmore following the merger with Nat-West. The two Japan equities desks were merged, with Gartmore's team taking centre stage. Only one NatWest team member remained, Mark Fawcett, who had reported to Peter Welton, head of Japanese equities in Tokyo.
Mergers were also making an impact at Edinburgh Fund Managers. The group announced it was set to rename five of the seven unit trusts it acquired in the takeover of Dunedin earlier in the year.
Changes were afoot at Legal & General which was to step up its unit trust charge-cutting strategy by reducing initial fees on most of its unit trust range.
In a long-awaited move, the group cut its upfront charges on all but one of its 21 unit trusts, as it did its Pep product the previous year.
The 5% to 6% initial charges were to be scrapped and replaced with a series of exit charges. These were to be set initially at 5%, falling over five years to zero.
Scottish Life announced it was to launch a guaranteed roll-up bond in August from its new Isle of Man subsidiary. The product offered total security of capital and a guaranteed level of growth, in addition to further upside potential.
The Inland Revenue, meanwhile, was set to issue guidelines and possibly legislation that would clarify the status of split-capital investment trusts under Pep regulations. The move was to make clear distinctions between the classes of shares which would continue to qualify for full Pep status and the linkage allowed in benefits between those shares.
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