Heartwood Investment Management has moved its range of funds into the IA Unclassified sector, joining a growing number of groups that have not been able to find a suitable peer group for risk-rated products.
The firm said it moved the products as they did not "fit cleanly" in their previous homes - the various Mixed Investment sectors - and this could confuse clients. Noland Carter (pictured), head of Heartwood, said: "We have reviewed the options for classification, and determined that given the nature of our fund range and proposition, it does not fit cleanly into the various Mixed Investment sectors, with a risk of client confusion as a result. "In common with a number of other risk-managed, multi-asset fund ranges, we believe the Unclassified sector is currently the best available op...
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