richard timberlake's IMS to take over running three funds of funds
Dorset-based WAY Fund Managers has appointed Richard Timberlake's Investment Management Selection (IMS) to run three funds of funds aimed at the intermediary market.
On 1 September IMS will take over the management of the theme portfolio WAY Global Laser and two global portfolios, WAY Global Blue and WAY Global Red.
The three funds of funds will be the only way intermediaries will be able to take commission and have access to IMS's expertise in a pure fund of funds product, according to Paul Wilcox, chairman of WAY.
The group charges 5% initial offering 3% commission and has an annual fee of 2% with 1% available as trail. All commission is accrued daily and paid monthly.
Wilcox said the contract with IMS is for 'a period of some years' and that there is a 'gentleman's agreement' that IMS would not manage competing funds for another house.
Until recently IMS has been the main investment adviser to Edinburgh Portfolio's funds of funds range. This range has just lost its S&P ratings because Standard & Poor's believes the influence of IMS has been diluted.
Wilcox said: 'As soon as IMS has taken over we will be going to S&P with the intention of picking up manager ratings.'
The three portfolios WAY offers are currently being run by funds of hedge funds specialist Progressive Alternative Investments. Each offers an alternative to an equivalent Edinburgh Portfolio fund.
WAY Global Laser is a global theme fund, launched in April 2000, which the group believes stacks up well against Edinburgh Portfolio's Technology product.
The £25.6m WAY Global Red fund in the active managed sector is the equivalent of Edinburgh Performance Portfolio and the £10.6m WAY Global Blue in the balanced managed sector is the equivalent of Edinburgh Fund of Funds Portfolio, according to Wilcox.
WAY has been in the retail funds of funds market since 1998. Its chief executive, David Pook, previously worked at Old Mutual, Rothschilds and Target.
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