Friends Provident (FP) is adding a passive fund range to its multi-manager offering to be accessed v...
Friends Provident (FP) is adding a passive fund range to its multi-manager offering to be accessed via its group stakeholder range.
The group will offer three passive products: Global Equity (50:50) Index, Balanced Index and Cautious Index, investing in a range of underlying equity trackers, fixed interest and cash. The funds are being branded as the Activ Index range and will be available to new schemes from 18 August. The Global Equity (50:50) Index fund, run by Barclays Global Investors (BGI), will be invested 50% in a UK tracker and 50% in overseas equities, split equally between the US, Europe and Far East indices.
Its benchmark will be the Lipper Global Equity sector average. There are no annual management charges (AMC) other than that on the pension plan through which the funds are accessed, and no additional expenses from the underlying funds. The funds will be available via FP's group personal pension, group stakeholder, group AVC and group transfer plans.
Simon Farrant, product research manager at Towry Law, said: 'These funds represents a step forward for a provider that is striving extremely hard to become a dominant force in the defined contributions group pensions market.'
Global Equity (50:50) Index
Invested by BGI
50% UK companies, 50% overseas companies (US, Europe and Far East)
Invested by BGI and Cash and Fixed Interest by Isis
75% Equity Tracking indices both in UK and Overseas market, 20% Fixed Interest, 5% Cash
Fund invested by BGI and Cash and Fixed Interest by Isis
40% Equity tracking indices both in the UK and Overseas market, 55% Fixed Interest, 5% Cash.
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