Scottish Equitable Asset Management (SEAM) is converting its European Smaller Companies unit trust i...
Scottish Equitable Asset Management (SEAM) is converting its European Smaller Companies unit trust into an Oeic, adding an Isa wrapper and cutting its minimum investment level.
Until now investors have had to put in at least £15,000 into the fund but this is being reduced to £500. The fund, which has been managed by Alistair Duffy since 1999, will also be available for Pep transfers. It has an initial charge of 5.5% and there is an annual management fee of 1.25%. Standard initial IFA commission is 3% and renewal commission rates are negotiable. The minimum regular investment in the fund is £50 per month.
The fund is top out of 16 in the European Smaller Companies sector over one year on growth of 119.2%, offer to bid, and is fifth out of 16 over three months on a fall of 4.7%, bid to bid.
Jon Bennett, head of retail sales at SEAM, said: "The fund has already proved to be extremely popular among many discretionary IFAs.
"However, we have been receiving requests from IFAs wishing to invest smaller amounts on behalf of their clients. We can now respond to these requests and further broaden the appeal of the fund."
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