FundsNetwork has added a range of funds from both T. Bailey and Skandia Investment Management (IM) to its platform. Run by Jason Britton and Richard Martin, the T. Bailey Growth and T. Bailey Equity Income funds are now being offered to advisers with a 4.75% initial commission. The group has also added the Skandia IM Asset Allocator funds, Global Property Securities (La Salle) and the Skandia Ethical funds to its range.
Artemis Fund Managers, Lazard Asset Management and Barclays Global Investors (BGI) all tied for first place in the latest Morningstar Individual Savings Account (Isa) league table. All three groups were given an average Isa rating of four out of a possible five stars. Fourth on the list was St James's Place Unit Trust group, with Framlington and Mellon tied in fifth. The biggest mover was Baillie Gifford, which jumped 17 positions to ninth place.
Selestia has added a further eight funds to its platform, bringing the total number of funds available to 824 from 63 fund managers. The new funds added are Credit Suisse Multi-Manager Balanced Portfolio, Fidelity Multi-Manager Growth and Multi-Manager Income Portfolios, M&G Property Portfolio and Standard Life Select Property. Also added is a trio of Premier Liberation funds, no. V, no. VI and no V.III.
Insight Investments has appointed Stuart Steven to head up its credit portfolio management for the UK. Steven was previously director for corporate bonds at L&G Investment Management where he has worked since 2000. Prior to this he was an investment manager at Britannic Asset Management. He will report to Andrew Wickham who has been appointed head of UK Fixed Income.
Skandia has made the Threadneedle UK Equity Income fund available throughout its complete range of UK products including the Skandia life and pension self select ranges. The decision was based on the imminent arrival of Leigh Harrison who is joining the group in January to take responsibility for the UK equity retail performance as well as taking direct management of the Threadneedle UK Equity Income fund. Previously, the fund was only available through Skandia's fund supermarket.
The Cofunds investment platform will now hold funds from Scottish Widows Investment Partnership (SWIP). All 27 SWIP funds will be available, including the SWIP European Real Estate fund, which was launched in September 2005. Commission on the SWIP funds will be paid at 3% upfront and 0.5% renewal. A discount of NAV +3.5% will applied to the OEIC funds. This includes 3% adviser commission.
Threadneedle Investments has recruited Maxine Cuffe as an additional analyst and portfolio manager for its emerging markets equity team. Cuffe joins from HSBC where she has worked for the last six years as an Asia Pacific analyst and fund manager in the Hong Kong office. In her new role, Cuffe will focus on South East Asia and India, as well as covering the consumer sector. She will report to Julian Thompson, head of emerging market equities.
Openwork, the directly-authorised multi-tie network, has awarded e.surv its panel management contract. The contract comes into effect after the existing contract expires in the first week in January. Richard Sexton, e.surv business development director, commented: "e.surv Chartered Surveyors is delighted to have been chosen by a significant industry player such as Openwork. We have already begun to discuss how we can evolve and implement a 'best-of-breed' solution for Openwork and its network of relationships."
Following the retirement of Hubert Reid, Tim Melville-Ross has taken over as chairman at Royal London. Melville-Ross joined the Royal London board in June 1999 and was previously deputy chairman and senior independent director. He was previously chief executive of the Nationwide Building Society from 1985 to 1994 and director-general of the Institute of Directors from 1994 to 1999.
PSigma Investments Limited (PIL) has appointed Rod Juniper to the newly-created role of chief operations officer. Juniper joins from HSBC Investments where he managed the 60-strong operations department. His new role will cover both the PSigma Investment Management division, the investment management specialists, as well as PSolve Asset Solutions, which provides investment solutions to a variety of institutional clients.
What made financial headlines over the weekend?
Q2 net sales dropped almost 50%
‘Important to have an anchor’
Lack of innovation for solutions