InvestmentsNov 23 2017

Openwork launches funds for adviser network

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Openwork launches funds for adviser network

Openwork has teamed up with Fidelity and Royal London to launch two new funds in its range exclusively available to its members.

They will initially be offered from 5 December through the Omnis Managed Portfolio Service, a discretionary management service for Openwork clients.

The Omnis Strategic Bond fund will be run by Fidelity's Ian Spreadbury, Claudio Ferrarese and Tim Foster and offers better diversification across fixed income, investing across developed and emerging market government bonds, inflation-linked bonds, investment grade and high-yield corporate bonds.

Meanwhile the Omnis UK Equity Income fund will be run by Royal London Asset Management’s Martin Cholwill and gives greater choice and flexibility in allocating across UK equity holdings, alongside the Omnis UK Equity and Omnis Income & Growth funds.

Toni Meadows, chief investment officer at Omnis Investments, said: “These managers are from the very top-tier of UK investors, and we are thrilled to have secured their talents for Openwork advisers and their clients.

"The new funds offer diversification benefits, as well as the ability to deliver meaningful yields to the portfolios, and are a great addition to our armoury.

“Six months in and the Omnis Managed Portfolio Service is already gaining traction, and adding additional funds to the toolbox makes us more confident that we can deliver greater, cost-efficient diversification and even better risk-adjusted returns."

In August Openwork revealed that assets under management in its Omnis fund management business had reached £5bn.

It already works with a number of high-profile fund managers, including Neil Woodford who runs the Omnis Income & Growth fund.

The Omnis Managed Portfolio Service was launched in April offering a service for members seeking to outsource asset allocation decisions to a specialist professional investment team.

When asked what he thought of the new funds, Dennis Hall, managing director of Yellowtail Financial Planning, said: "I don't believe in the cult of the star manager, I don't think they consistently outperform and when they get involved in these big retail funds the whole thing gets diluted."

damian.fantato@ft.com