The latest Autif sector review has created a diverse specialist sector including varying from German...
The latest Autif sector review has created a diverse specialist sector including varying from German and Swiss equity unit trusts to technology and gold funds.
The new Specialist sector includes funds such as Aberdeen Technology, Baring German Growth, M&G Gold and Old Mutual Swiss Equities.
As previously reported in Investment Week, Autif has abolished the UK, North American, European, Japanese, Far East and Global Specialist sectors with several funds from these combined into the larger Specialist sector.
At the same time, Autif has created three sectors to accommodate small cap funds investing in Europe, North America and Japan respectively, most of which were in the previous geographical specialist sectors. Dresdner RCM European Smaller Companies is moving from the Europe excluding UK sector to the European Smaller Companies sector as part of the changes.
Autif is increasing the proportion of gilts that funds must have to be included in the UK Gilt sector to 90% from 80%.
The UK General Bond sector has been split into UK Corporate Bond and UK Other Bond. UK Corporate Bond includes investment grade bond funds which must invest at least 80% of their assets in BBB bonds and above.
The UK Other Bond sector includes non-investment grade bond funds which must invest at least 20% of their assets in sub BBB rated bonds, convertibles and preference shares.
Most ethical funds have moved to UK All Companies sector from UK Specialist . The changes took affect at the end of April.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected