Albemarle Street Partners has won a mandate to advise IFA group Newell Palmer on the management of its £500m advisory investment service.
Chelsea Financial Services (CFS) has highlighted ten funds which have consistently underperformed peers over the last three years, suggesting investors in these funds should rethink their allocations.
Chelsea Financial Services and Albemarle Street Partners are to launch a fund rating service early next year, targeting consumers as well as advisers and rivalling a number of existing agencies.
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A number of wealth managers have privately warned fund groups they will be less inclined to recommend funds which give preferential prices to the biggest distributors in the market, Investment Week understands.
Some mid-cap managers are allocating nearly 40% of their funds to stocks outside the FTSE 250, leading to a dip in performance as the index rallied over the last six months.
Investors have ploughed more than £34bn into underperforming funds which have severely lagged peers over the past three years, the latest RedZone report from Chelsea Financial Services reveals.