Merrills to unveil UK value fund

The Merrill Lynch Recovery fund is to be renamed the Value unit trust, writes David Griffiths. The group has applied to the FSA for regulatory approval and while this has not been formally given, Merrills expects a decision shortly. Recovery, with assets of £115m, is on its third fund manager in just over a year. Paul Harwood retired in April 2000 and handed it on to Steve Thompson. Thompson has now left the group and the fund has been run by Habib Annous since April this year. Annous said that although the fund's name was changing, to clarify its objectives, its focus remains unchanged...