Multi-manager is no haven for with profits.

Investment Adviser, September, 2006

A leading IFA has criticised fund groups such as Fidelity and Gartmore which are claiming multi-manager is a safe harbour for with profits money.

Andrew Merricks, head of investments at IFA Hove-based Skerritt Consultants, suggested that moves to tap the with profits market, such as Fidelity's launch of a multi-manager distribution fund, were marketing-led.

He said that the investment case for making the transfer was far from certain.

"Groups are trying to find a marketing niche to get all the with profits business that is looking for a new home," he said.

Multi-manager was one response to this pool of money and absolute return funds were another.

However, he said fundamentally, the problem was that asset managers were...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.