Dorset-based WAY Fund Managers has appointed Richard Timberlake's Investment Management Selection (I...
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 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 with 3% commission and has an annual fee of 2% with 1% 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 IMS will not manage competing funds for another house.
Wilcox said: 'As soon as IMS has taken over, we will be going to S&P with the intention of picking up manager ratings.'
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