Framlington plans to merge its Continental European Smaller Companies Fund into its mainstream Europ...
Framlington plans to merge its Continental European Smaller Companies Fund into its mainstream European offering.
The group is sending documentation on the proposed merger to the fund's 1,500 unitholders on 29 January and it will go to a vote at a unitholder meeting on 14 February 2002. If voted through, the new fund will become effective from 1 March.
Neil Birrell, chief investment officer at Framlington, said the company decided to merge the funds for two reasons, firstly on investment grounds and secondly because European smaller companies have not been a popular area for retail investors.
Framlington believes that a balanced European portfolio, across all market caps and sectors, is a better and safer way of achieving investor returns, according to Birrell.
The group is also to offer a 1% discount for investors putting £7,000 into the Biotech or Health Fund Isas, from an initial 5.5% standard charge, until 5 April 2002.
The Healthclub discount, as Framlington labels it, applies to £7,000 investments into either fund or a combination of the two.
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