Investors switch £2m funds to IFA
AN independent financial advisor, which announced this summer that it was moving into discretionary fund management, has placed more than £2m within three months for private investors.
Karl Pemberton, of Active Financial Services in Guisborough, said the scale of the business was pleasing but surprising - although a 40% rise in the FTSE100 since April was partly responsible for attracting funds back into the market.
Unusually, for a high street IFA, Active struck a deal this summer with Deutsche Bank to offer clients access to the investment bank’s discretionary fund services - £1m had so far been invested, with another £1m for high wealth individuals invested in wrapper schemes to maximise their tax saving.
The firm said it had also had an encouraging response to the launch of a Trust Review Service for law firms subject to recent changes that required them to make sure funds held on behalf of clients worked harder for them.
Active’s success in the fund management market chimes with a recent report from the CBI and PwC which said securities traders and investment managers were outstripping the banks in seeing strong volume growth over the last quarter.
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