Investec Asset Management has launched a pan-European fund to be headed up by Albert Morillo, writes...
Investec Asset Management has launched a pan-European fund to be headed up by Albert Morillo, writes Robert Stock.
The portfolio, which is being added to Investec's Dublin-based umbrella, the Investec Select Funds platform, aims at capital growth and will rely on Morillo's concentrated portfolio investment style.
Morillo, who works for Black Rock in Edinburgh, was contracted to run Investec's onshore Europe unit trust in April 2000. He was previously at Scottish Widows.
Over one year the Investec fund is now ranked eight out of 101 funds in the Europe ex-UK sector to 15 May with losses of 8.4% compared to a sector average of -15.8%, offer to bid with net income reinvested.
The new euro-denominated Pan European Fund will mirror the Guernsey-based Investec International Accumulation Pan European Fund.
It will be a concentrated portfolio of around 30 to 40 stocks with the top 10 representing around 35% to 40% of the fund.
The fund has a minimum investment of E3,000 or £2,000 and an initial charge of 5%. The annual management fee is 1.5% and intermediaries can claim up to 3% initial commission.
Jamie MacLeod, managing director of Investec Fund Managers, said: 'The onshore fund is one of the largest of many takers in the UK. It is the fastest growing European equity fund in the UK. We have taken over £100m in the last year.'
MacLeod said that was impressive given that the fund had begun the year valued at £8m, a size that prevents many institutions and fund of funds managers from investing in it.
The addition of the fund to the Investec Select Funds platform, which is UK-authorised, takes the total number of sub-funds contained within the umbrella fund to seven.
As well as Morillo's Pan-European Fund the platform contains the Indian Equity, Greater China, Global Technology, Global Bond, Global Equity, and Wireless World funds. The Global Equity Fund and the Global Bond Fund were both launched last month.
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