Cazenove

TIP OF THE WEEK

Cazenove has criticised the IMA for not bringing "vital clarity" for investors after the trade body decided against making changes to its Absolute Return sector for at least another 12 months.

EUROPE

Fund groups have warned the RDR will lead to increased volatility in fund flows and a greater share of assets going to a handful of the larger asset managers.

Cazenove has appointed John Warren from UBS to work alongside small and mid-cap manager Paul Marriage.

Cazenove has promoted Rob Thorpe to the newly-created head of UK retail position.

BONDS

Cazenove's head of multi-manager Marcus Brookes has increased the cash weighting in his £467m Multi-Manager Diversity fund of funds, and bolstered its exposure to managers uncorrelated to mainstream markets.

Pressure is mounting on absolute return managers to deliver what they promised investors - returns in all market conditions - as funds posted losses in the past year.

George Osborne is taking a "severe risk" in putting the onus on taxpayers to reduce the £155bn deficit, according to Cazenove.