CompaniesApr 26 2016

Openwork launches equity funds

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Openwork launches equity funds

Openwork has added two equity funds managed by Jupiter and Baillie Gifford to its investment proposition.

The new products, which will be offered to the network’s 3,000 financial advisers next month, will mirror existing strategies run by the two asset managers.

This comes as Openwork looks to further expand Omnis, a range of multi-asset model portfolios launched in February 2014.

The Omnis European Equity fund will be run by Cedric de Fonclare, manager of the Jupiter European Special Situations fund.

The Omnis Asia Pacific Equity fund will be run by Iain Campbell, who manages the Baillie Gifford Developed Asia Pacific fund.

Other funds in the range include the recently added equity strategy managed by Neil Woodford, and offerings run by Schroders and Threadneedle.

Last year, Openwork announced a “radical” restructure of its distribution business in a bid to build on its profitability.

According to Openwork, the new funds will form the “building blocks” of a number of multi-asset model portfolios, which automatically rebalance every six months.

Mark Duckworth, chief executive at Openwork, said the network is always looking for ways to enhance the options offered to advisers and their clients.

Last month Openwork, which operates a restricted “multi-panel” distribution network, tripled the number of protection policies recommended to clients in 2015.

Colin Low, managing director of Kingsfleet Wealth, said the new offerings raise a number of questions to establish whether they would be a good deal for clients.

He questioned whether the mirrored fund would have the exact same underlying stocks, whether the cost of access if cheaper by going through the network, and queried whether an adviser would be forced to sell the funds if they decided to leave the network.

katherine.denham@ft.com