Moneyspider in the News
01/08/2007
High street banks failing investors
Thisismoney.co.uk
Four of Britain's biggest high street banks have been 'named and shamed' for
delivering 'abysmal' investment performance to investors.
NatWest, Abbey, Halifax and HSBC have topped the horror ratings as a result of
being responsible for managing the lowest number of top-ranked funds according
to research from Moneyspider, a fund data provider.
Moneyspider rated all the funds in a group's range against
their peers and performance from high A to a low ranking E.
Leading the 'high street horrors' is Abbey, its 25 funds hides a multitude of
sins, with only six of the firms portfolios received a top A or B rating.
Moneyspider's Tony Ahearne said: 'This means that only 24% of
all Abbey funds have A or B ratings, a fact which should ring alarm bells in
investors heads, especially given the recent market volatility.'
During the second half of July, the FTSE 100 took a severe battering, falling by
8% - slashing some £120bn of the index.
The top spots in the survey went to relatively unknown 'boutique' managers such
as Rathbone, Artemis and First State. The survey found almost 91% of First
State's funds have a top-class A and B rating.
Artemis Fund Managers comes in second in the research with 90% of its funds
being A or B rated with Rathbone Unit Trust Management had 87.5% of its funds
ranked in the top two categories.
This research will come as a shock to the abundance of private investors who
have put their money into big brand names as the study highlights the fact that
it can be unwise to simply rely on a well-known name to deliver top returns.
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