Old Mutual delays Select range for model portfolio launch

Old Mutual Wealth (OMW) has delayed the launch of its Select fund range while it readies a managed portfolio service set to put it head-to-head with some of the UK's largest discretionary fund managers (DFMs).

The range - a restricted offering of 23 mandates from ten fund groups alongside Old Mutual's in-house funds - was due to launch this autumn. However, Investment Week can reveal the launch has now been postponed until Q1 2014 as the group develops a suite of portfolios built from the sub-advised funds. Advisers will still be able to build their own portfolios from the Select range, including funds from Invesco Perpetual, BlackRock, Aberdeen and Schroders, which is expected to be offered at a significant discount. But the group has also turned its attention to a full model portfolio ser...