Soft launch for Unicorn's retail Oeic

Unicorn Asset Management, the boutique founded by Peter Webb, has soft launched an Oeic with two sub-funds aimed at the UK retail market.

The Oeic, as exclusively reported in Investment Week in October, has two sub-funds called Free Spirit and MasterTrust. Free Spirit, run by former Mercury Recovery fund manager Paul Harwood, is an absolute total return fund which invests across the entire market cap range, while MasterTrust, managed by Peter Walls, is a fund of investment trusts.

The sub-funds offer an institutional and a retail share class, with a minimum investment in the institutional share class of £50,000 and £5,000 in the retail version.

Details of initial costs and commission structures have not yet been finalised but should intermediaries wish to place assets in either sub-fund before the official launch dates, these are open for negotiation.

At present the assets contained in both sub-funds consist mostly of seed money from Unicorn. Walls, a director at Unicorn, said: 'We've launched the Oeic very quietly to allow it to build up a track record and to give us sufficient time to get to grips with the nature of an open-ended vehicle such as this. We are planning an official launch later in the year but we don't have any firm dates in mind.'

Unicorn intends to eventually offer an Isa package but not in time for this Isa season.

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