Santander asset management renames funds of funds

Santander Asset Management is renaming seven multi-manager funds to reflect the IMA’s overhaul of its mixed-asset fund sectors.

The products, run by fund of funds duo Tom Caddick and Toby Vaughan, will be renamed in September subject to FSA approval.

The group also plans to rename three funds run by Azim Meghji, including his £1.1bn Sterling Corporate Bond fund.

The changes on the multi-manager funds are designed to complement the IMA’s recent overhaul of its mixed asset fund sectors, in which some of the funds are housed. The IMA removed words such as ‘cautious’ and ‘balanced’ from the sector names amid concern they could mislead investors.

The sectors are now named based on how many stocks their constituent funds are permitted to hold as a proportion of their investments - for example, IMA Mixed Investment 20-60 per cent Shares - and a fourth, ‘ultra-low risk’ sector was added.

Santander said the bond funds were being renamed after feedback from advisers.

Santander multi-manager fund range name changes
Previous name	New name
Santander Cautious Portfolio	Santander Max 50% Shares Portfolio
Santander Balanced Portfolio	Santander Max 70% Shares Portfolio
Santander International Equity Portfolio	Santander International Shares Portfolio
Santander Global Equity Portfolio	Santander Global Shares Portfolio
Santander Global Emerging Equity Portfolio	Santander Global Emerging Shares Portfolio
Santander Balanced Income Portfolio	Santander Max 60% Shares Income Portfolio
Santander Balanced Portfolio - Income Unit Trust	Santander Max 70% Shares Unit Trust

Santander bond fund name changes
Previous name	New name
Santander Bond Portfolio	Santander Investment Portfolio
Santander Sterling Corporate Bond Fund	Santander Investment Income Portfolio
Santander Balanced Portfolio - Growth Unit Trust	Santander Investment Income Unit Trust