STEPHEN CRANSTON: It’s time to meet Kenny
Kenny Rabson, head of Discovery Invest and Employee Benefits is set to roll out Discovery’s new umbrella fund
If you look up "Kenny" on a search engine, the main references are to football legend Kenny Dalglish and Kenny McCormick of the South Park TV series. You will probably have to run several dozen searches before you see a reference to Kenny Rabson, head of Discovery Invest and Employee Benefits. That should change as he rolls out Discovery’s new umbrella fund. But which Kenny will he most closely resemble? Maybe, given Discovery’s showbiz approach, the country singer Kenny Rogers will be the template. The umbrella fund market has been dominated by the large life offices as well as the largest specialist administrator, Alexander Forbes. Much of the business has been won on price, as it is almost always a more cost-effective route than the standalone pension fund. But Rabson argues that the fight over a few basis points of fees is missing the point. It is no surprise that Discovery is fighting on an added-value platform rather than on price. And, as we expected, it is adding complexity ...
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