Scottish Provident International (SPI) has revamped one of its core multi-manager products and has l...
Scottish Provident International (SPI) has revamped one of its core multi-manager products and has launched a pilot scheme for online valuations.
A total of 19 funds have been cut out and 22 added to the Preference product, including for the first time funds from both Newton and Gartmore, raising the total available to investors from 67 to 70.
Most of the equity funds were culled because of underperformance or because of uncertainty caused by team changes.
Altogether, around a dozen equity funds have been removed and there is now a stronger representation of specialist funds Ã telecoms, technology, utilities and healthcare.
The money market fund range has been cut down as it was regarded as pointlessly extensive and the fixed interest range has been modified to cover the different asset classes more evenly.
Iain Fairbairn, investment marketing manager, said: "Funds have been removed where we felt there was a potential that their performance might begin to slip. One example is where we are concerned the investment team does not now have the investment strength of some of its competitors."
Scottish Provident International looks at the Preference range every quarter and typically tweaks the product every six months.
The fund managers in the product include: Aberdeen, Barings, Fidelity, Investec, Jardine Fleming, Mercury, Schroders, Invesco/Perpetual, Newton and Gartmore.
Preference has a minimum investment of $45,000. SPI has two charging schemes: basis A has a 1.5% amc until the fifth year, when it drops to 0.25%; basis B has a fixed 0.9% amc.
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