RBS shuts managed funds after heavy losses

At the time of launch, RBS head of intermediary sales Zak de Mariveles said the two low-cost portfolios represented "a huge opportunity for RBS to take a lead in the market". But the Cautious Managed product lost 10.1% since its inception in January 2011, according to FE, compared with an average return of 5% for FE's Mixed Investment 20-60% Shares sector. The Balanced Managed fund lost 8% since launch compared with an average loss of 0.2% for specialist funds in the FE universe. The FTSE 100 was flat over the same period. Last January RBS said the funds would "target" the retail f...