The Nurs

In October 1991, the rules on fund of fund unit trusts changed so one could buy underlying funds at ...

In October 1991, the rules on fund of fund unit trusts changed so one could buy underlying funds at 'best' rather than at creation. This was a massive change that let the multi-manager genie out of the lamp and the rest, as they say, is history. While some private-client fund managers had already rearranged most clients' portfolios into one or more 'models', the new rules meant they could establish a number of new fund of funds unit trusts to replicate those models and conveniently share-exchange most clients into them. This made a huge difference both, in their ability to manage actively ...