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Selected business news, product changes, moves and appointments

Sandringham reports 25% increase in income per partner
 in “strong 2016”

Sandringham Financial Partners has announced a “strong 2016”, with a 25% increase in partner numbers, alongside a rise of 25% in the average income per partner. In addition, in Q4 2016, the firm said total partner income was over 63% higher compared with the same quarter in 2015.

The firm said it had made considerable investment into its IT infrastructure in early 2016, which have helped reduce both time and costs for Sandringham advisers, contributing to the rise in income per capita, as well as developed its suite of benefits and support provided to Partners.

Tim Sargisson, CEO, Sandringham Financial Partners said: “Despite the challenges in the UK economy and the increasing regulatory demands faced by our industry, we have grown our partner numbers and, by providing enhanced support, have significantly increased the average income generated per adviser.

“We are working closely with our partners to help prepare successful business plans for the year ahead and will continue to strengthen the Sandringham offering to ensure our advisers are able to deliver improved services to their clients and demonstrate the immense value of professional impartial financial advice.”

Tenet launches new PI scheme for directly authorised advisers

Tenet is launching a new proposition for its directly authorised advisers in conjunction with Lloyds-registered specialist insurance brokers, Protean Risk.

The scheme aims to deliver high quality insurance with realistic excess levels at affordable premiums.

Firms buying more extensive services from TenetSelect will be considered ‘lower risk’ by the PII insurer and will attract a greater discount on their premiums.

Julian Brincat, head of IFA practice at Tenet, added: “We have been able to secure these improved terms due to the quality, breadth and reputation of the compliance services provided by the Tenet Group.

“They reflect the lower risk that these firms will present to the PI insurers and as TenetSelect will be assisting its clients to complete the proposal documentation we have also been able to simplify and streamline the application underwriting process, which can be a very protracted process in normal circumstances.”

Group regulatory director, Mike O’Brien said the package “delivers what we believe is amongst the broadest level of cover available in the directly authorised market, with fairer terms and sensible excesses.”

“We feel it will be of particular interest to those advisers working in the pensions space, thanks to the cover it can provide having a positive implication on their capital adequacy requirements,” he added.

FE Invest Model Portfolios available via two more UK platforms

FE Invest Model Portfolios are now available via two more UK platforms, Ascentric and Aegon.

The Portfolios are part of the FE Invest discretionary fund management service for advisers and are also available on the Standard Life, Aviva, Nucleus, Fusion, Transact and Novia platforms.

The FE Invest Model Portfolios was launched in 2012, to offer a range of investor risk profiles and a compliant, demonstrable and repeatable process for investing clients’ assets. Integration with FE Analytics means the portfolios provide a demonstrable audit trail.

FP Miton Income Fund moves to quarterly payments for investors

Miton is moving the FP Miton Income Fund, managed by Eric Moore, to quarterly income distribution payments, with a view to providing investors with a more regular source of income, the company says.

Currently, the fund distributes income twice a year, on 30 November and the 31 May. From 2017, income will also be distributed on the 28 February and 31 August.

Miton says the fund has increased its distribution by 5% per annum for the last three years* and yields 4.3%** (institutional income share class).

From 30 December 2016, the Ongoing Charge Figure (OCF) for the institutional units will decrease to 0.88% from 0.95%. This reduction is a result of the removal of the fund’s registration fee and its replacement with lower costs for transfer agency and fund accounting services.

* As at 31/03/2016. 
**The FP Income Fund takes its charges from capital rather than income; this has the effect of increasing any distributable income (which may be taxable) whilst reducing capital to an equivalent extent. This may constrain future capital and income growth.

Baillie Gifford reduces American Fund management fee

Baillie Gifford has reduced the investment management fee for the Baillie Gifford American Fund, with effect from 1 January 2017. The annual management fee for class B shares of the Baillie Gifford American Fund has been cut from 0.65% to 0.50%. As at 30 November 2016, the Fund had assets of approximately £490 million.

James Budden, director of Retail Marketing and Distribution at Baillie Gifford, said: “We want our American Fund to be as competitive as possible. Received wisdom has it that active management doesn’t work in the US market given its supposed efficiency. We happen to believe that the opposite can be true, and by cutting our fee on this fund we are giving ourselves and its investors a greater chance of beating the index over the long term.”


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