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, c...