TEP market makers Neville James has withdrawn its investment funds from the Standard & Poor's Mic...
TEP market makers Neville James has withdrawn its investment funds from the Standard & Poor's Micropal fund tables after it discovered information was being calculated and displayed in the wrong currency.
In what Neville James cites as "an amicable agreement", the investment management firm has removed all listings from the S&P web site because IFAs were either confused by or not aware that the default currency for performance calculations on all offshore and international funds is listed in US dollars, and therefore distorting the fund performance and pricing of its funds.
The firm has also had to make compulsory withdrawal of its listings on S&P's paid-for licensed version of the fund tables, making this a double blow for the company, says Annie Lee, marketing manager at Neville James, as IFAs now have no way of know about NJ's fund performance and prices except through contact with the company.
While S&P's licensed version allows a choice of currency denominations, the web version does not.
However, Neville James is keen to reassure IFAs that its performance and stability is strong, contrary to the S&P site which shows the Isle of Man registered funds affected by US currency movements.
"We are disappointed that we have had to withdraw our funds from Standard & Poor's website," says Lee.
"Unfortunately, their use of US dollars as the default currency for performance comparisons of our sterling denominated funds has led to considerable misunderstanding among IFAs. We are, however, working closely with S&P to find a solution to this problem, and they have been most helpful in their suggestions."
Philip Flint Wood, managing director of S&P Fund Services Europe, says: "We regret Neville James' decision to withdraw funds from our database whose comprehensiveness is a source of pride to us. The US$ is the most used and globally recognised currency of denomination offshore, with 40% of funds expressed in it. The US$ is used to ensure all offshore funds are compared on a similar basis."
Lee says Neville James is still able to provide data and performance tables from within the company, by contacting either the business development and sales department on 01243 520020, contact Annie Lee direct on 01243 520021, or go to the Neville James website (use hyperlink on the left).
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