SVM Asset Management, the rebranded Scottish Value Managers, is to establish an onshore Oeic targeti...
SVM Asset Management, the rebranded Scottish Value Managers, is to establish an onshore Oeic targeting UK investors, containing mirrors of three of its offshore funds.
The funds to be included in the Oeic at launch are UK Opportunities, managed by David Stevenson, UK 100 Select, managed by Andrew Kelly, and Continental Europe, managed by Michael Nichol and assistant manager Paul Casson.
UK Opportunities, which primarily focuses on mid and small-cap opportunities, will form the core of the group's onshore push.
Although awaiting a final FSA sign-off, the launch is scheduled to take place on 27 September and SVM will offer a 1% discount on all lump sum investments until 17 October.
The group, which has around £800m of assets under management, plans to offer 3% commission and 0.5% annual renewal. The UK Opportunities and Continental Europe funds will have annual management fees of 1.5% and an initial charge of 5.25%.
The UK 100 Select fund will have an annual management fee of 1.25% and initial charge of 3.95%.
The group is also to launch an Isa with a minimum lump sum investment of £1,000 and monthly savings from £100.
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The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.