The ABI has changed its classification system for life and pension funds following a review of the existing sectors.
The sectors, which contain more than 6,000 unit-linked life and pension funds, allow investors and advisers to make like-for-like comparisons based on funds’ asset allocation.
The changes include different criteria for mixed asset fund sectors, including labels to highlight the equity exposure of managed fund sectors, three additional fixed interest fund sectors and additional sectors to keep pace with the growing number and diversity of property funds.
The association has also introduced a flagging system to allow greater detail on sector sub-groupings, such as regional, than previously available.
The changes will take effect on 25 January 2008.
Jeremy Thatcher, chairman of the ABI’s investment classification committee, says: “The new ABI Sectors reflect a number of major changes to the life and pensions industry. This includes the continued growth in unit-linked business, increasing demand for open architecture ‘wraps’ and multi-manager investing, and major inflows into property as an asset class.”
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