Scottish Widows and Hill Samuel will convert their respective fund ranges to an Oeic structure. Inte...
Scottish Widows and Hill Samuel will convert their respective fund ranges to an Oeic structure.
Interlinking Oeic and merger project groups within the new asset management group, which will begin trading on 30 June as The Scottish Widows Investment Partnership Limited, are looking at the future of the 48 unit trusts within the companies.
The group, created following the purchase of Scottish Widows by Lloyds TSB last year, is looking at combining funds to avoid repetition and to roll poor performers into more successful funds.
It is expected funds focusing on close geographical areas or universes of equities will be considered for merger.
Candidates for merger include the two FTSE 100 tracking funds as well as the separate European funds and American funds.
Issues such as bringing the Lloyds TSB ethical fund, run by Scottish Widows Environment Investors Trust, to the IFA market must also be tackled. Its charging regime was designed for direct sales through the bank's branch network, and it carries no IFA commission.
The merger and Oeicing process will follow the reorganisation of the two companies' fund management teams into 10 desks, due to be completed in the second half of the year.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till