Investment Association consults on 'major reorganisation' of sector system

The IA said its consultation seeks to address the growing number of fund groups launching 'solution' products, most of which currently sit in the Unclassified sector. There are already almost 200 such funds in the Unclassified sector, with AUM of around £30bn, though the IA acknowledged they are known by a number of names, including risk-targeted, multi-asset, fund solution, and asset allocation funds. The consultation follows multiple calls by some fund groups to reconsider the classification of risk-targeted funds, which currently do not have their own sector. However, the IA sai...