On the 1 January the Mixed Investment 0-35% Shares Sector was supposed to launch alongside the rest of the re-named managed sectors.
But its launch was delayed because only nine funds had applied to list in it and as a minimum the IMA usually requires 10 funds to register before a sector can be established.
Now 13 funds have been submitted for classification in the sector, comprising six that are currently listed in the Mixed Investment 20-60% Shares Sector; six from the unclassified sector; and one from the specialist sector.
Notably, four 7IM funds have been submitted to the sector after the group was reported to be in discussions with the IMA over listing in the sector.
The six funds moving from the Mixed Investment 20-60% Shares Sector presumably do not want to be tied to the requirement of investing a minimum of 20% in equities.
The IMA said for the purpose of calculating averages and for its statistical reporting, the sector will have an effective launch date of 1 January (the date it was supposed to launch).
A full list of funds in the new sector is:
- 7IM Moderately Cautious fund
- CF 7IM Income
- CF 7IM Personal Injury
- AXA Defensive Distribution
- Barclays High Income Portfolio
- Barclays Income Portfolio
- Barclays Wealth Global Markets 1
- City Financial Diversified Fund
- Fidelity Multi Asset Allocator Defensive Fund
- Fidelity Multi Asset Defensive Fund
- Fidelity Retirement Income Fund
