Old Mutual Fund Managers Limited (OMFM) is launching a UK Select Large Cap fund next Monday to fill ...
Old Mutual Fund Managers Limited (OMFM) is launching a UK Select Large Cap fund next Monday to fill a gap in its product range following demand from the IFA sector for a FTSE 100-based fund.
OMFM officials say Richard Moore, who has previously managed specialist FTSE 100 funds, will launch the fund earlier than OMFM had planned, however, demand was so great when intermediaries met Moore in February it was decided the fund's launch date should be brought forward.
Announcing the new fund launch, director of marketing and client servicing, Barry Russell says demand is expected to be so great for investment access that Old Mutual had planned to offer the fund for one day only, but the investment firm has now extended the offer period to one full week.
"We recruited Richard specifically because we wanted a large cap specialist to join our investment talent pool. Originally we planned a launch for later in the year but have brought this forward as a direct result of IFAs telling us that they want us to fill this gap now.
"Many of [the IFAs] met Richard in February during our very successful launch presentations on the Old Mutual UK Select Mid Cap Fund, which he co-manages with Ashton Bradbury, and clearly were impressed by his approach. Although this will initially be a relatively low key launch for us, I'm confident Richard will establish a good performance record by the time we plan a more active marketing campaign, probably later this year."
Moore is aiming to provide at least 1% greater return (after charges) than the FTSE 100 index return on a rolling 12 month basis by investing in 40 stocks, in particular favouring beverages, leisure, UK banks as well as media, industrial cyclicals and fund management firms as a recovery is anticipated.
OMFM's fund will be on Monday 22nd April at 50p per unit and is only open until 26th April.
Minimum investment is £1,000 lump sum or £50 a month, and initial charge is 4% with an annual management fee of 1.25%.
Initial commission paid to intermediaries is 3% with 0.5% trail fee.
Further information on this fund contact the broker helpline on 0808 100 2715 or click through the right-hand web link.
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From 1 March