Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Buckles to close Snowdonia Property fund as it brings investments in-house

Buckles to close Snowdonia Property fund as it brings investments in-house

Rhyl-based IFA firm Buckles is planning to close it's Snowdonia Property fund and complete the process of bringing its products in-house.

The fund is currently managed by Premier Asset Management's fund manager Alex Ross, who also runs the Premier pan-European Property Share fund. Buckles has been offering clients invested in the Snowdonia fund a free switch into the Premier fund, which mimics the former.

Ross' fund is a specialist, unconstrained offering which buys shares in listed property companies throughout Europe.

The property fund is part of Buckles' Snowdonia Fund Oeic, and having transferred the management of the other funds within the Oeic to Sanlam - the South African insurer and the firm's majority shareholder - Buckles said the property offering no longer fits with its proposition.

Rick Eling (pictured), investment solutions manager at Buckles, said: 'It will be wound up and that's been the plan for a while, so we have been offering clients a transfer into the Premier fund for free.

'We have tried to do this gradually and have spoken individually to clients, and we are working with Premier on that.'

Buckles has switched the management of its Snowdonia Balanced and Growth portfolios, as well as its Income offering, over the last two years. 

The adviser firm is also looking at replacing Premier as the authorised corporate director (ACD) on the Snowdonia Oeic. Eling said: 'We've had a first rate service from Premier, but part of our job is to review our funds and get costs down for investors and we are looking at that.'

Simon Weldon, Premier's managing director of sales and marketing, said his firm was expecting to be replaced as ACD on the Snowdonia Oeic in the near future.

Last year Premier questioned the independence of Buckles’ Snowdonia funds following its switch to Sanlam. Eling responded by stating that the north Wales-based firm had taken legal advice to examine potential conflict of interest issues by using Sanlam multi-manager to manage the funds. It said the feedback it received was that the move did not disadvantage clients.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter