current range of 14 CMIM funds will be expanded before full launch in October
Some 14 former Clerical Medical funds are being actively marketed to intermediaries following the retail launch of Insight Investments last week.
Insight, formerly Clerical Medical Investment Management (CMIM), is the standalone asset management subsidiary of HBOS, created through the merger of Halifax and Clerical Medical's asset management operations and later incorporating with Equitable Life's fund management arm.
The group's team of 11 sales staff, headed up by Stuart Alexander, has already begun contacting intermediaries with a range of 14 predominantly mainstream portfolios.
The funds, which use the group's pragmatic investment style, are in the existing Clerical Medical Investments Funds Oeic. However, Insight is planning further fund launches, leading up to a full retail launch in October.
The Clerical Medical sales force will continue to sell the 14 funds until October, at which time sales responsibility will switch entirely to the Insight team. The number of sub-funds in the Oeic is to be expanded to more than 20 before the full retail launch in October, according to Gary Mairs, managing director of the group.
A second Oeic is to be launched later in the year, a measure designed to spread the fund accounting workload throughout the year. Although the group, which manages the assets of Halifax, Equitable Life and Clerical Medical, will not confirm which funds it is to launch into the two Oeics, or any changes planned to the existing range, it makes no secret of the areas in which it will seek to compete.
European equity retail managers Iain McNeill and David Headland, who joined the group from Morley in May, will form one of the its strongest sells, Mairs said.
The socially responsible investment team of Craig Mackenzie, Rachel Crossley and Steve Waygood, recruited from Friends Ivory & Sime earlier in the year, is also key. A number of former Clerical Medical managers such as William Claxton-Smith, James McLellan and David Cryer are also well respected in the intermediary community.
As the UK's fifth largest UK corporate bond manager, with £8.2bn in the asset class, the group will seek to add a corporate bond fund. It will also seek an avenue to market its property expertise, an area in which it is again ranked fifth in the UK, with £4.1bn under management.
A number of key hires have still to be made. Although the group has an overall chief investment officer in Michael Deakin and an institutional CIO in Alan Denholm, it still lacks a retail CIO. It is also in the latter stages of hiring a UK equity growth manager, an area in which the group feels it needs a big name to prosper.
There are very few big name managers who have not moved recently. The exceptions are Tim Russell of HSBC, Anthony Bolton of Fidelity and Bill Mott of Credit Suisse.
In May this year, Clerical Medical Investment Management split its operations into two distinct business areas, retail and institutional.
Slow progress in improving diversity
Share purchase deal with assets of £28m
Came into effect in January
Three examples of compensation rule issues
Buying in baskets