Chelsea Financial Services and Albemarle Street Partners have formed a new joint venture to launch fund rating service, targeting consumers as well as advisors, InvestmentWeek has reported.
The new entity, FundCalibre, is a 50/50 joint venture and will be based on Albemarle’s fund screening tool AlphaQuest, the results of which will be combined with Chelsea’s qualitative analysis to create a list of rated funds.
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According to InvestmentWeek report, FundCalibre will issue a single ‘Elite Fund’ rating to portfolios that pass the screening process, with the list reviewed annually. Funds will be monitored on a monthly basis.
The new venture is headed up by five directors – Albemarle’s three founding partners Dan Kemp, Clive Hale and Sam Liddle as well as Chelsea’s managing director Darius McDermott and research director Juliet Schooling Latter.
The new venture is set to launch in January subject to FCA approval and has already secured support from a number of fund groups, including Artemis and Schroders.
Darius McDermott, managing director of Chelsea, said: "We anticipate that no more than 10% of the fund market will make it onto the buy list. We aim to create a ratings agency with a difference, which is easy to understand for consumers and focuses on predictability of future returns."
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