Way Group has selected Brompton Asset Management to manage its global fund range.
The WAY Group’s fund range, which includes the WAY Global Red Active Portfolio Trust, the WAY Global Blue Managed Portfolio Trust and the WAY Global Cautious Portfolio Fund, will add £148 million in assets to Brompton.
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As part of the deal, the entire fund range will now be run by Brompton’s multi-asset class team, headed by chief investment officer Gill Lakin and the fund’s structures and objectives will remain unchanged.
However, WAY Fund Managers will continue to remain as the Authorised Corporate Director (ACD) to the portfolios, while Brompton will take over responsibility for the daily investment management decisions.
Under the deal, the funds will be used as investments for WAY’s range of IHT solutions in order to benefit its tax planning clients by providing independent professional investment management.
Paul Wilcox, chairman, Way group said: "The fund range was originally developed to complement Way’s trust solutions using a fund-of-funds structure to preserve the trustees’ capital gains tax allowance, running a nil-yield mandate to avoid inconvenient distributions to trust beneficiaries."
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By GlobalDataGill Lakin, chief investment officer, Brompton, said: "As manager of the three funds, we aim to produce healthy risk-adjusted returns for investors while maintaining the nil-yield mandate and to satisfy the requirements of their advisers for efficient service."
