Norwich Union is making its range of fund of funds available to Isa and Pep investors.
Norwich Union is making its range of fund of funds available to Isa and Pep investors.
Norwich Union’s funds of funds – AA rated by Standard & Poor’s – are currently available only to Portfolio life bond and pension investors. They will be added to its range of collective investments from 17 October.
The change is part of Norwich Union’s ongoing drive to develop its investment range. In the past six months it has:
- Launched four manager of managers funds
- Launched an online portfolio planner
- Added 32 funds to its Portfolio bond.
The Norwich Fund of Funds Plan has three sub-funds: the Norwich Mixed Funds of Funds, Norwich Cautious Fund of Funds, and Norwich Growth Fund of Funds. These are managed on a day-to-day basis by Investment Manager Selection Ltd (IMS), which selects and monitors underlying investments. Morley Fund Management oversees IMS.
The funds switched to an unfettered* investment style in October 2004. This means the fund manager can pick investments from a range of 1,900 funds.
John Clougherty, director of collective investments at Norwich Union, said: “Multi-manager funds – fund of funds and manager of managers – are important investment products for Norwich Union. We are pleased to be able to include IMS in our collective investment range and we believe that this is good news for advisers and our customers.
“Not only is there strong performance across the funds of funds but adding these to our range of collective investments provides more choice and flexibility for investors. There is a clear trend in the market towards multi-manager funds as they become more popular with investors because of their ability to offer a diversified portfolio with the prospect of above average returns for the same level of risk.”
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*A fettered fund of funds can invest only in a restricted range of funds. An unfettered fund of funds can invest in an unrestricted range of funds.
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
Rob Pell 01904 452659 Out of hours 07800 699563
Cheryl Cox 01904 452617 Out of hours 07800 695275
Notes to editors:
About the Norwich fund of funds Plan
Norwich Cautious Fund of Funds
The fund aims to provide long-term capital growth and income and is designed for investors seeking a lower risk investment option. This fund invests in both equity and bond funds with a greater emphasis on bonds that reflects the lower risk characteristics. The fund’s investment policy is diversified and can invest across global bonds and equity markets, with greater emphasis on bonds than the mixed Fund of Funds and the Growth Fund of Funds. The fund invests in a selection of funds selected by IMS.
Norwich Mixed Fund of Funds
This fund is designed for investors seeking a more balanced approach to investment. This fund invests in equity and bond funds with an aim of providing long-term capital appreciation and income. The fund’s investment policy is diversified and can invest across global bond and equity markets, with a greater emphasis on equities than the Cautious Fund of Funds and a greater emphasis on bonds than the Growth Fund of Funds. The fund invests in a selection of funds selected by IMS.
Norwich Growth Fund of Funds
The fund is designed for investors who wish to diversify their investment across a range of funds investing in an international share portfolio and are willing to accept the risk of fluctuations in global security markets. This fund aims to provide long-term capital growth. The fund’s investment policy is diversified and can invest across global bonds and equity markets, with greater emphasis on equities than the Cautious Fund of Funds and the mixed Fund of Funds. The fund invests in a selection of funds selected by IMS.
Norwich Union is one of the UK's biggest insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.