Boutique operation Hiscox Investment Management is looking to offer a UK Special Opportunities fund ...
Boutique operation Hiscox Investment Management is looking to offer a UK Special Opportunities fund to intermediaries, writes Robert Stock.
The group has put papers in to the FSA to allow it to rename, refocus and outsource the management of one of its three UK Oeic sub-funds, S&F Hiscox Funds at Lloyd's. This was originally set up to hold assets of Lloyd's Names
Hiscox group investment officer Alec Foster, who has been with the group for 25 years, said the small S&F Hiscox FAL fund would be refocused as a bottom-up, value-driven portfolio. Foster said the relaunch was intended to increase the presence and profile of Hiscox Investment Management, a subsidiary of insurance company Hiscox Plc, in the intermediary channel.
Although an outsourcing deal had been signed, Foster said that until FSA approval for the renaming and refocusing of the fund had been granted, full details could not be released. Papers were submitted to the FSA at the beginning of last week.
Hiscox Investment Management is best known to intermediaries for the success of its £34m S&F Hiscox Insurance Portfolio fund, managed by Foster and invested entirely in the insurance industry.
The S&F Hiscox Insurance Portfolio fund returned 28.25% in the 12 months to 31 July, according to Standard & Poor's. Since launch in October 1998 the fund has returned 40.87%. Foster expects to return around 23% during the calendar year 2001 on the back of what he sees as the most promising international insurance market since 1974-75.
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