group plans fund launches as part of wider restructure and move towards multi-manager
Abbey is to launch five Oeics by the end of the year, as part of its fund restructuring process, which involves a wide-scale move to multi-manager.
John Kelly, head of multi-manager development at Abbey, said the five funds would either provide new propositions for customers or offer vehicles for merging and restructuring existing offerings.
"This is part of our fund mapping exercise, creating the building blocks for the range as we want it positioned," he said. He added the funds were the first in a planned suite of products that would provide a more coherent offering in the UK and are likely to evolve into the low-risk offerings within a number of key sectors.
Meanwhile, the latest of Abbey's funds to move to a multi-manager structure is Scottish Mutual Opportunities. Goldman Sachs and Invesco are each managing 50% of the portfolio and the move took place last month.
Kelly said that although it is too early to consider performance in the Opportunities fund since the shift to new managers, there has been above-average performance across the range since the group moved to multi-manager a year ago. In the 12 months to 30 September, the Abbey Multi Manager Cautious and Abbey Multi Manager Equity funds were in the top 25% of funds in their sectors. The former delivered 5% growth against a sector average of 2.6%, while the latter achieved 12.2% against 7.4% for the sector, according to Lipper.
Abbey funds that have been outsourced are now managed by a variety of investment groups including Alliance Bernstein, Axa Rosenberg, Barclays Global Investors, Deutsche Asset Management, JP Morgan Fleming, Merrill Lynch Investment Management and Pimco.