Prism funds break £100m barrier

A surge in interest from advisers and their clients has seen the three risk-rated multi-manager funds launched by Prism Capital Management Ltd (Prism) less than two years ago break through the £100m AUM barrier. The three funds, which have been specifically designed to deliver the best possible returns within well-defined levels of risk, have consistently delivered for investors since being launched in March 2009. Available through a range of distribution channels and platforms, the funds have all outperformed their respective benchmarks since inception. Figures show that of the three funds IFDS Prism Cautious Growth is leading the way with £44,832,052.47 AUM. The IFDS Prism Capital Growth and IFDS Prism Advanced follow with £42,413,668.49 and £14,896,241.31 respectively. These core funds form part of a risk-based solution for advisers and clients, delivering focused portfolio management on a daily basis in a tax efficient manner. Prism is a fund management company formed in 2009 as a joint venture between the IFA support services business, Paradigm Partners, and Octopus Investments (Octopus), one of the UK’s fastest growing investment management companies. Anthony Morrow, Director of Prism, said: “To have passed the £100m AUM barrier so quickly is a tremendous achievement by everyone involved and testament to the quality of the funds themselves and the way they are managed by the team at Octopus. While the funds’ growth has been fairly consistent since launch, there was a noticeable acceleration towards the end of 2010, something we fully expect to see continue in 2011 as the funds become better established and more widely available.” Guy Myles, Managing Director at Octopus, said: “This is a significant landmark for...

Prism adds funds to Skandia platform

Prism Capital Management Limited (Prism) has made its three multi manager funds available on the Skandia Investment Solutions platform as part of an ongoing initiative to make its funds more widely available to the adviser community and their clients. The funds, which have attracted in excess of £68m since their launch in March 2009, are available with immediate effect. They are: IFDS Prism Cautious Growth is designed for investors who want a better return than leaving their money in a bank or building society, but are not comfortable with having a large exposure to investments. The Fund’s aim is to produce annual returns which, over the medium to long term, are on average 2.5% higher than NS&I cash ISA rates after fund charges. IFDS Prism Capital Growth is designed for investors who don’t mind living with a degree of risk in return for the possibility of an enhanced level of return. The Fund’s aim is to produce annual returns which, over the medium to long term, are on average 3.5% higher than NS&I cash ISA rates after fund charges, with a lower level of risk than a fund that is purely equity based. IFDS Prism Advanced is designed for investors driven by the desire for larger profits and who are less risk sensitive. The Fund’s aim is to produce annual returns which, over the medium to long term, are on average 4.5% higher than NS&I cash ISA rates after fund charges, but at a lower risk to you than a global equity fund. Prism is a fund management company formed in 2009 as a joint venture between the IFA...

Paradigm Partners posts profit in third year

Operating profit of £519k generated in third year Business cash positive nine months ahead of schedule Profits to be used to accelerate future development and growth Paradigm Partners, the IFA support services business launched in 2007, has reported an operating profit of £519,000 for the year ending 31st March 2010. The milestone, which has been reached in only the third year of operation, sees Paradigm become cash-generative nine months ahead of plan and enables the business to enter the next phase of its development ahead of schedule and in a strong financial position. Paradigm was set-up in 2007 by entrepreneur Paul Hogarth with the aim of creating a community of like-minded IFA firms which could combine their collective expertise and assets for the greater good of each other and their clients. In addition to the core services it offers its 320 member firms the organisation has, over the last two years, also launched a range of other businesses including: Paradigm Financial Advisers – an IFA network that has so far attracted over 200 individual advisers Prism Capital Management – an investment management company that has already attracted in excess of £68m into its three existing funds Paradigm Pensions – a new pensions business aimed at helping advisers make the most of current and future pension legislation. Commenting on the results Paul Hogarth said: “All businesses have seminal moments and this set of results, in the context of the broader trading environment and the investments we have made into additional business areas, is certainly one of those for Paradigm.  To be in the position we are in so soon after...

Network model in need of overhaul according to Paradigm MD

The traditional network model is out of date and in need of a serious overhaul according to Stuart Cresswell, managing director of Paradigm Financial Advisers (PFA). Cresswell, who joined Paradigm Group to develop PFA in response to growing demand from IFAs for an independent network prepared to put advisers at the heart of the decision making process, believes the model of yesteryear that was built on taking retentions from commission is already proving unsustainable, and that is before the true implications of the RDR have been felt.   He describes the challenge of building a profitable business, whilst meeting the required regulatory requirements, as the toughest the network model has ever faced, with only those willing to deliver ‘true value’ to the IFA set to last the distance. Cresswell believes that now more than ever networks need to work ‘smarter and harder’ to be profitable, with traditional models’ business costs rising and profits being reduced by the burden of legacy issues and outdated systems.  According to Cresswell in days gone by there was little incentive for networks to help IFA businesses build long term value through fee and trail-based models, something that they now need to urgently embrace at considerable cost. “RDR changes many things” says Cresswell. “Traditional networks are having to radically alter their business models to reflect the new requirements that IFAs have to meet. For some of the larger legacy networks this is already proving difficult as they begin to come to terms with the full implications of what is around the corner. “To prosper in a post-RDR world, IFAs need the right kind of support from...

Gee joins Paradigm

Paradigm Partners, the independent IFA support services business launched in 2007, has confirmed that Philippa Gee is to join its adviser network, Paradigm Financial Advisers (PFA), as an appointed representative (AR) with immediate effect. Philippa, who announced her departure from investment boutique T.Bailey earlier this week, will use the support and services of the PFA network to start her own fee based IFA business. Based in Church Stretton, Shropshire, Philippa Gee Wealth Management Ltd will specialise in providing high quality fee-based advice to both the individual and corporate markets. Under the arrangement with Paradigm, Philippa Gee Wealth Management Ltd will utilise the full range of services on offer to advisers through the PFA network, allowing Philippa and her team to concentrate on advising clients and growing the business. PFA was launched nine months ago by Paradigm in response to a growing demand among IFAs for an independent network prepared to put advisers at the heart of the decision making process. Under the direction of managing director Stuart Cresswell, the network has so far focused its attention on attracting the highest quality AR businesses to the network where it has had considerable success. Philippa’s decision to join the PFA network is seen by Paradigm as another significant milestone for the business and is the result of an ongoing initiative by senior management to attract the best talent to all parts of the Paradigm Group. This initiative recently saw pensions guru Steve Bee join the business to drive the business’ ambitions in the pensions market through Paradigm Pensions and the website jargonfreepensions.co.uk. Commenting on the news, Stuart Cresswell said: “Philippa is...

Paradigm announces 300th IFA-partner firm

Paradigm Partners, the IFA support services business launched in 2007 by Paul Hogarth, has signed up its 112th IFA firm of the year, taking the total number of partner firms to 300. SquareSeven is a Belfast-based IFA business specialising in providing high quality independent financial advice to both the individual and corporate markets.  Established in 2005 the firm currently has two principal advisers and assets under advice of around £50m.  Paradigm Partners was set-up in 2007 by Paul Hogarth with the aim of creating a community of like-minded IFA firms with the appetite to combine their collective expertise and assets for the greater good of each other and their clients. In less than three years the business has grown into a community of 300 IFA firms representing over 1,100 advisers.  Commenting on the milestone, Paul Hogarth said: “To have signed up 300 IFA firms in less than three years is an amazing achievement for the business and one that the team is extremely proud of.  SquareSeven is a firm of truly independent financial advisers with a passion for what they do and a desire to take greater control of their own destiny. “In my mind the future for high quality IFAs in the UK has never been brighter. They have an opportunity to take greater control of the client value chain and their relationships with product providers but in order to do this they must be willing to work together – pooling their expertise and assets for the benefit of their clients and their own businesses – which is exactly what Paradigm is all about helping them do.” Sam...