US multi-manager group SEI is to launch into the IFA market early next year with a product aimed at ...
US multi-manager group SEI is to launch into the IFA market early next year with a product aimed at clients with a minimum of £100,000 to invest, writes Leo Bland.
The group is looking to target IFA clients with large lump sums to invest who would traditionally be passed on to discretionary investment managers and private client stockbrokers. The group will offer a product with pre-selected asset allocation which will be regularly rebalanced and a product offering customised asset allocation. The group looks to track selected fund managers' styles to ensure they do not radically deviate from, for example, being value managers and moving into growth stocks.
It monitors each share trade a fund manager makes for adherence to their investment guidelines from SEI and the process also includes analysis of risk exposures and returns.
The product is set for launch during the first quarter of 2001. SEI has not finalised charging and commission details but its global US multi-manager product has no initial charge and a 2.5% annual management charge. Initial commission as well as renewal are set to be offered, although SEI is keen to offer a no-load option with IFAs remunerated through fund-based renewal.
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