FIDELITY HAS LAUNCHED two new tranches of its Target range of asset allocation funds, bringing the total funds available to European investors to five.
The new funds will have end dates of 2025 and 2030 and will join the existing range Target funds for 2010, 2015 and 2020 which have been available since 2003.
Managed by the Fidelity multimanager team, head by Richard Skelt, the Target funds are predominantly invested in equities at first, but as the product approaches maturity bonds and cash are added.
INVESTEC ASSET MANAGEMENT'S Cautious Managed and Distribution funds have both been added to Canada Life's onshore platforms.
The Investec Cautious Managed fund has been running for nearly 12 years and is 'AA' rated by S&P and Forsyth-OBSR.
Alan Wolffe, Executive Director of Wealth Management at Canada Life, commented: "We have chosen these two popular funds to enhance Canada Life's onshore platform, as we believe they offer some highly attractive investment opportunities, with a strong pedigree." SCHRODERS' MULTI-MANAGER investment team has decided to lower its exposure to private equity in their funds from 9.
6% to 3.
7%, following a period of strong returns.
The group believes that private equity funds are now trading at a substantial premium to thier net asset value.
Head of Schroders' Multi-Manager investment team, Andrew Yeadon said: "The issue is that although we have made money from private equity, they now have big premiums and are no longer looking cheap. We want to be diversified in as many asset classes as possible but not if they look totally overvalued." Schroders' still holds two private equity firms in the shape of SVG Capital and Candover.
MORLEY HAS BOOSTED its European property team with two new fund managers.
Gilles Chow and Gil Bar are to join the group, reporting to Ben Stirling.
Chow was previously at Macquarie Global Property Advisers.
Bar was previously at Standard Life where he worked as a portfolio manager in the European Property Group.
Gilles joined the group last month, Bar will join this month.
The appointments bring the total number of European property fund managers to four.
Bar will be involved in new fund initiatives for the group.
KEYDATA IS PIONEERING the return of high income-producing structured products with the launch of a bond paying 7.
5% a year.
The product will invest in insurance contracts and not be linked to any index.
It offers the full return of capital after five years and will carry both growth and income options.
The offer period will open on 26 July 2005 and close on 13 September 2005.
Marketed as lower risk than equity the insurance-based contracts the vehicle purchases have a fixed maturity value.
The minimum investment limit is £4,000 and features adviser commission of 3% plus 0.
CO-OPERATIVE INSURANCE SOCIETY (CIS) has chosen AXA Real Estate Investment Management REIM (UK) as external fund manager for their £2.
5bn external property fund portfolio.
AXA REIM (UK) will take strategic responsibility for around 160 existing CIS properties, which include retail outlets, shopping centres and industrial estates.
Within the arrangement, Nelson Bakewell, a long-term facilities management partner, has been appointed by AXA REIM to take responsibility for operational management on a day-today basis.
FIDELITY'S IBERIA FUND and Italy fund have both have both been awarded new 'A' ratings by Standard and Poor's.
The report said manager Mario Frontini showed flair in sector and stock selection and a disciplined approach to buying and selling of stocks.
Both the funds are relatively concentrated in a few major holdings, but achieve diversification through a number of smaller holdings in their portfolios, which usually comprise around 50 to 55 stocks.
AXA INVESTMENT MANAGERS (AXA IM) has announced the appointment of Keith Robinson and Stephanie Walsh as fund manager analysts.
Robinson joins from ISIS Asset Management where he spent three years as a director, UK equity fund manager, and Walsh joins after four years as a pan-European investment analyst for Morley Fund Management.
Based in London, the two will join the AXA IM Equity teams' distribution and insurance fund group, splitting their time equally between fund management and analysis.
They will report to Jim Stride, managing director, and Alex Lloyd, head of UK equity research.
ABBEY IS UNDERTAKING a review of its fund range, in what could result in the merger of its two smaller companies' portfolios.
John Kelly, head of client investment at Abbey, said both the funds occupy similar space and with one large investor wanting to pull out of the funds, a merger is a possibility.
The £9m Abbey National Smaller Companies fund is ranked 28 in the UK Smaller Companies sector out of 56 funds for the 12 months to 27 June 2005.
The fund returned 19.7%, bid to bid, marginally below the 20.3% sector average.
Abbey also manages the £18m Scottish Mutual UK Smaller Companies Equity fund, which is ranked 35 on a oneyear basis with a return of 17.6%.
Both are run by Gordon Bennett.
Kelly added that the group is closing its Ethical fund.
FORTY-TWO MULTI-MANAGER FUNDS from 13 providers have been made available through Norwich & Peterborough Building Society's (N&P) 50 branch-based financial planners.
The agreement marks the introduction of multi-manager funds to N&P's customers and is also the first time Insight's Wealth Builder funds will be available through a UK building society.
Another such product now available is the F&C Portfolio Service wrapper, providing access to F&C's multi-manager funds with some investment protection included via a whole of life policy.
Minimum regular investments start at £25 and lump sums from £1,000.
Adviser commission starts at 3%.
N&P used Old Broad Street Research to help it decide upon the funds.
John Wilcock, head of product marketing at N&P, said: "They (OSBR) helped us immensely with our fund and product research." THE FRAMLINGTON MANAGED DISTRIBUTION fund, run by Richard Peirson, will close on 30 September and its assets liquidated.
Investors are being offered the choice of redeeming their holdings or switching into the firm's Managed Income portfolio, though investments will automatically be cashed if no instructions are received.
If Pep and Isa investors fail to contact the firm prior to liquidation their assets will be transferred into the Gilt fund to maintain their tax-free status.
While the firm will incur legal and administrative fees when the portfolio is closed, it will meet them in full and investors will not be charged an initial fee when transferring into either of the alternative products.
Framlington has closed the fettered fund of funds because it believes investors want managed portfolios to have access to the wider market.
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