Bulletin
Francis Moore comments on the DWP consultation findings for protected rights 30/06/2008
Francis Moore, managing director of SIPP specialist European Pensions Management (EPM) has commented on the DWP consultation findings for protected rights. Francis says: “EPM intends to apply for a protected-rights certificate for its SIPP Scheme as soon as possible. EPM already has a contracting-out certificate for it’s Appropriate Personal Pension Scheme which currently can accept protected rights. It will be a requirement for SIPP operators to track protected rights until 2012 when contracting-out for defined contribution schemes is to be abolished. There will also be a requirement for survivor’s benefits to be purchased when an annuity is purchased from protected rights funds. Small Self Administered Schemes will not be permitted to hold protected rights.”
Jupiter welcomes protected rights announcement 30/06/2008
Jamie Fergusson, fund manager, SIPPS, at Jupiter Asset Management, said: “Jupiter welcomes the DWP’s announcement that protected rights can be transferred into SIPPs from October this year. Since April 2006 when measures were introduced to simplify pensions and create a single set of rules for personal schemes, the segregation and restrictive rules that continued to apply to contracted-out pensions have stuck out like a sore thumb. We are delighted that common sense has prevailed and that pension savers will now have the same freedom to invest their contracted out plans that many already enjoy with their SIPP portfolios. We expect many people will want to take advantage of this change and complete the consolidation of their pension portfolios.”
Bramdean sees tough market conditions for the next 2-3 years 30/06/2008
Difficult investment conditions will continue for the next two to three years as the effects of the credit crunch work their way through the financial system according to Nicola Horlick chief executive of Bramdean Asset Management. She believes that this emphasises the need to diversify their portfolios with more exposure to assets likely to produce absolute return. “We have been negative about equity markets for the past 18 months and we do not see any let up in the near future. When the effects of the economic slowdown work their way through into company earnings forecasts, then there is likely to be further significant weakness”. Bramdean, which manages the Bramdean Alternatives fund of funds, will continue to move away from long/short equity funds within its hedge fund portfolio and into funds with absolute return characteristics.
Bramdean Asset Management LLP has announced the appointment of its new chairman 23/06/2008
On 17 June Bramdean Asset Management LLP (“Bramdean”) announced the appointment of its new chairman, Mr. Peter Barton, following the sudden death of Sir Derek Higgs at the end of April 2008. Mr. Barton will retain his non-executive directorship of Bramdean Alternatives Limited, the Investment Company whose assets are managed by Bramdean, but has resigned from the Company’s Audit Committee. “I am very honoured to have the chance of working with Nicola Horlick and her team. This is a role to which I look forward enormously”, said Mr. Barton. “Peter is joining at a very exciting moment in Bramdean’s growth and has a set of skills and a wealth of expertise that will be of great value to our team as we look to develop our business with new initiatives and products for our clients,” commented Nicola Horlick, chief executive officer of Bramdean.
Prudential Corporation Asia appoints Jupiter to advise on climate change fund 23/06/2008
Jupiter Asset Management is delighted to announce it has been appointed by Prudential Corporation Asia as adviser to a climate change fund. The PCA Global Green Solutions Fund, which has been authorised by Taiwan’s regulator, the Financial Supervisory Commission, will be advised on by Charlie Thomas, manager of the Jupiter Climate Change Solutions Sicav, the Jupiter Ecology unit trust and the Jupiter Green Investment Trust. The new Fund will be distributed in Taiwan through Prudential Corporation Asia’s sales network. Kevin Scott, Executive Director International at Jupiter Asset Management, said: “Prudential Corporation Asia is one of the largest and most established distributors of funds in Taiwan and we are delighted to have the opportunity to work with them. This is the second distribution deal Jupiter has signed in Taiwan during 2008, marking an important milestone for the development of Jupiter’s International business.”
