Premier Portfolio Managers is restructuring its offshore £12m UK Blue Chip fund to form its third mu...
Premier Portfolio Managers is restructuring its offshore £12m UK Blue Chip fund to form its third multi-manager product.
The Luxembourg-based Premier International Investments UK Blue Chip fund will have fund managers from Thornhill, BWD Rensburg, Rathbones and Investec. It will be available to UK investors, across a number of Continental European countries and within personal portfolio bonds of the large international life offices.
Ted Chalk, manager of the original fund and head of Premier's two other multi-manager funds, will act as the team manager monitoring the individual specialists on a day-to-day basis.
The fund has an initial charge of 5%, an annual management fee of 1.5% and offer commission of 4%.
The four managers will each look after 25% of the fund, choosing their best 10-12 investment ideas as identified by their different approaches.
The fund's objective is to provide investors with long-term capital growth by investing in a diversified portfolio of UK stocks across all size segments of the UK market.
Russell Wallis, co-founder of Thornhill, has managed the Thornhill Capital trust since its inception in 1989 and will be responsible for FTSE 100 stocks.
The FTSE 250 section will be managed by BWD Rensburg's chief investment officer, Stuart Sharpe, and Leigh Himsworth, manager of the BWD UK Mid-Cap Growth trust.
Hugh Priestly, CIO of Rathbones, who runs the Rathbone Income & Growth fund and co-manages the Rathbone Smaller Companies fund, will concentrate on mid-cap and small-cap stocks.
The manager of the Micropal four-star ranked Investec UK Opportunities trust, will select stocks from the entire universe of UK stocks.
Mike O'Shea, joint managing director of Premier, said: "Having launched our Global Equity and Technology multi-managers in November last year we received feedback which suggested people wanted a UK blue chip fund run with a multi-manager approach.
"As our existing blue chip fund was just plodding along, sometimes beating the index and sometimes not, making it difficult to raise new assets, we thought a new approach to running it would be a good idea."
Jonathan Fry, joint managing director with O'Shea, said: "The risk of a star fund manager moving from one investment house to another is eliminated with the multi-manager approach since as long as the performance is good enough, we will move the portfolio with the manager.
"Likewise, if we decide fund managers are losing their touch, or if their style is falling out of favour, it will only affect a maximum of 25% of the fund until we find a suitable replacement."
Leading losses in the NASDAQ
Fight ‘familiarity bias’
Our weekly heads-up for advisers