AM revamps international approach
AM Corporation has restructured its international fund for the second time this year.
Fidelity and Capital have been added to the list of international fund managers making up the group's fund of funds. These two managers have been added to give the fund what it calls an "active core" element.
The "active core" approach is aimed at a style neutral position which has been growing in popularity in recent years. Thirty per cent of the AM fund will now be invested using the active core approach.
The move follows the introduction of Dresdner and Nicholas Applegate in February as the two fund managers using a growth investment style.
Under the latest moves, AM has cut its exposure to the growth and value managers it uses for the funds. Dresdner and Nicholas Applegate have both moved to 7.5 per cent from 15 per cent previously as have AM's two growth managers Lazard and Bank of Ireland. It will maintain its high exposure to passive funds, including 35 per cent with State Street and 5 per cent with Morgan Stanley.
AM says both moves have been aimed at correcting underperformance by the fund.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
