SGAM shelves large cap plans

SG Asset Management has stopped plans to launch a global large cap fund for the UK retail market.

Until recently, the group planned to launch SocGen Global 50, to be managed by Sean Taylor, who is currently deputy head of the global equities team. The UK unit trust was to hold 40 to 60 stocks and be benchmarked against the MSCI World Index and listed within the IMA Global Growth sector.

Mikkel Bates, director at SGAM, said an element of duplication would have arisen following SGAM's recent move to have its Luxembourg Sicav registered for sale in the UK.

The 47 funds in the Sicav, called Sogelux, have now received FSA approval and should be available for sale from the start of July. Bates said that range includes a large cap global fund, also managed by Taylor. 'We decided there was not a lot to be gained by having similar funds under two different wrappers,' he added.

The Sogelux range of funds will be marketed to IFAs and standard levels of commission will be paid. He said: 'Included in the range are UK equity, European equity and mortgage backed security funds.'

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