By Jenne Mannion Quilter Fund Management is to launch a UK Growth and UK Equity Income fund under a ...
By Jenne Mannion
Quilter Fund Management is to launch a UK Growth and UK Equity Income fund under a new Oeic structure on 11 October. Launch of the UK-authorised Oeic, to be called Quilter UK Investment Funds ICVC, is the first phase in the group's bid to build itself into a more significant player in the UK investment funds industry
David Franklin, chief executive of Quilter Fund Management, said: "The launch of these funds put Quilter in competition with all prominent UK investment houses. The group is making a leap from being a small specialised player into a market where it is competing with large establishments
Quilter plans to eventually offer a full complement of funds under the Oeic structure but no plans are imminent and Fran-klin said it will spend the next 12 months concentrating on the UK funds. It would also consider moving the five existing unit trusts into the Oeic structure
Franklin will manage the UK Equity Income Fund while Rodney Reid, who recently joined Quilter from parent company CGU, will manage the UK Growth portfolio
Both funds will be benchmarked against the FTSE All Share Index and will draw on the expertise of a 13-strong centralised UK management and research strategy team which operates under parent company Quilter & Co. Minimum investment on both funds is £1,000. There is an initial charge of 5% and an annual management fee of 1.5%, however from 11 October to 29 November there will be a 2% introductory discount. The funds qualify for Peps and Isas. Commission of 3% will be paid to IFAs, plus renewal commission of 0.5
Quilter has recently appointed its own specialised sales team to service IFAs in London and the south east of England. In May, Quilter appointed Paul Farrant, formerly a regional sales manager at NPI Insurance, to manage the team. Quilter Fund Management currently has five existing unit trusts the High Income Investment Trust Fund, High Income Portfolio Fund, Investment Trust Fund, Private Growth Portfolio and UK Smaller Companies Fund
Franklin said: "We are keen to broaden our appeal. Until now Quilter has offered very specialised products
Total funds under Quilter Fund Management's management grew from £28m in January 1997 to £73m. Franklin said: "We expect the level of funds under management to reach £100m within six months
Franklin said: "With the introduction of new funds plus the establishment of our own sales service team, we expect the level of funds under management will reach £100m within six months." Total funds under Quilter Fund Management's management grew from £28m in January 1997 to £73m currently
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