Canada Life Investments has completed the conversion of its fund range from unit trusts into sub-funds of the Canada Life Investments Oeic.
The final stage of this process, which began in May 2012, saw the CF Canlife Balanced, CF Canlife European, CF Canlife Japanese Growth and CF Canlife Gilt & Fixed Interest converted. The funds feature single-pricing, competitive management fees and widened investment remits.
The firm also confirmed its portfolio funds range is now available on the Skandia platform, bringing the total number of platforms on which its funds are available to 23.
At the start of last year Canada Life Investments began targeting UK retail investors for the first time, launching 11 funds into the UK adviser market. Later in 2013 the firm appointed two new sales staff as part of its expansion into the sector.
Frank Maret joined the firm in February 2010 as head of sales and marketing. After a management strategy change six years ago, the firm changed from running the insurance company’s internal funds to externalising its fund proposition, with Mr Maret leading that push as head of distribution.
He told FTAdviser that the success of the UK retail roll-out depended on access to fund platforms, which he admits was difficult in the beginning, but is now just a couple of big networks away from completion.
“Skandia is a leading platform for the investment adviser community that will allow us to offer our Portfolio Funds to a broader range of potential clients,” explained Mr Maret, adding that “we expect demand for these products to increase considerably as a result of this arrangement.”
Mr Maret conceded that being unique in the UK market is difficult, but the firm is “not trying to chase every rabbit”, with a range of 23 funds focused purely on the retail and wholesale market.
Canada Life Investments’ team on the ground here is still small, and Mr Maret said that it is not looking to grow just for growth’s sake, but next April’s at-retirement reforms are likely to invigorate product innovation and the firm “has room to create bespoke products tailored to meet income needs in retirement”
He added that one advantage of being a late market entrant is that the firm had the luxury of coming in post Retail Distribution Review. “We had clean share classes from the beginning and little legacy business, so our products, pricing and philosophy are all fresh.”
