Oppenheim trying to win back customers

Oppenheim Investment Managers has embarked on a campaign to claw back the customers it will lose later this month when its contract for managing EBS's Summit investment funds transfers to Irish Life.

From January 28th, management of the Summit funds will change over to Irish Life Investment Managers as a result of a €650 million deal between EBS and Irish Life last September.

Dublin-based asset manager Oppenheim, which had managed the Summit funds on behalf of EBS since 1990, made an unsuccessful bid for the business, which was one of the largest single mandates to change hands in the Irish market.

It is hosting a public seminar this Thursday to promote its new range of retail funds, which are being distributed by online bank RaboDirect, in a bid to persuade EBS investors who want to remain with the fund manager to switch their business.

Oppenheim's managing director Kevin Gallacher claims that some Summit customers were attracted to the funds because it was the only route for retail investors to access its approach to fund management.

"Many of the Summit customers went into them specifically to gain access to Oppenheim and regardless of any other relationship they had with EBS," Mr Gallacher said.

These investors are now being exposed to a style of investment management under Irish Life that they haven't chosen, he added.

Oppenheim prides itself on differentiating its approach from other investment houses, most of which are subsidiaries of life insurers and banks. Oppenheim argues that these fund managers focus solely on beating the average peer group performance rather than achieving the best possible absolute returns for their investors.

Mr Gallacher stressed that its new funds are aimed at all investors, not just disgruntled EBS customers unhappy with the change in fund manager.