Exeter Fund Managers is to launch its first pure equity Oeic, the Exeter Hidden Value Portfolio, a U...
Exeter Fund Managers is to launch its first pure equity Oeic, the Exeter Hidden Value Portfolio, a UK equity vehicle to be run by Geoff Millar.
The fund, which is to be launched on 11 October, subject to regulatory approval, will be unbenchmarked.
Investment Week understands the product will be aimed at quasi-institutional fund buyers such as private client departments, fund of funds managers and fee-based intermediaries, although it is expected it will be available through a wider retail context.
Exeter does already have one Oeic fund and nine unit trusts, all of which buy investment trust paper, but the group is now looking to expand its investment scope.
While Exeter has never run a directly invested open-ended fund, it does have some pure equity holdings in its portfolios. Miller, head of direct equities at the group, joined two and a half years ago and was previously investment director at Brewin Dolphin.
Once the fund is up and running, Exeter will look to bring out a European vehicle, following the arrival of Mark Webster on 1 October from Murray Johnstone.
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