Bates Investment Services has picked Axa to provide it with a series of fund of manager links. The...
Bates Investment Services has picked Axa to provide it with a series of fund of manager links.
The national intermediary firm is still in the process of working out exactly what the portfolios will be but several will be bespoke arrangements and not products Axa already offers to the market.
Bates will also require Axa to provide a full set of tax wrappers around the multi-manager funds, which, over time, will include an Isa, a Pep and a pension, as well as offshore bonds. The terms of the deal do not exclude Axa from looking to complete similar arrangements with other intermediary firms while, in turn, Bates will be able to link to other multi-manager providers.
In particular, Bates has not ruled out establishing a fund of funds link as a way of getting exposure to investment boutiques that can not be accessed via a fund of managers structure.
Bates has not put any restrictions on Axa's manager selection process for bespoke products. The two groups have not yet decided whether there will be a regular savings option on the funds of managers but Bates is keen there should be a low minimum investment threshold.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till