Stockbroker Collins Stewart is launching two onshore funds of funds based on existing portfolios run...
Stockbroker Collins Stewart is launching two onshore funds of funds based on existing portfolios run by Collins Stewart Asset Management in Guernsey.
The two funds, which open on 10 September, are the Collins Stewart Growth and Balanced portfolios. Each will hold between 15 and 20 underlying funds. An income fund will be added in the coming months.
Collins Stewart Growth, an international portfolio, will start with 82% in equities, 8% in fixed interest, 4% cash and 6% specialist. Some 42% will be allocated to the UK.
Collins Stewart Balanced, also invested globally, will be 34% fixed interest, 59% equities, 4% cash and 3% specialist. It will have 45% allocated to the UK.
John Davey, chief executive of the private client division at Collins Stewart, said the funds, the first in the group's onshore Oeic, will be managed in a similar way to the Guernsey-based portfolios but will have a lower exposure to hedge funds.
Davey said: 'There will be some exposure to alternative investments styles and strategies, within the regulations.'
Minimum investment for Collins Stewart clients is £10,000 and via advisers is £5,000. The initial charge is 5% and annual management fee is 1.5%. Intermediaries are paid up to 3% initial commission and renewal commission is paid on a case-by-case basis. Both funds will be Isable and Pepable.
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