Premier is adding a multi-manager global technology fund to its Luxembourg Sicav. The fund, which is...
Premier is adding a multi-manager global technology fund to its Luxembourg Sicav.
The fund, which is expected to be launched at the start of June, will use four or five fund managers with distinct areas of expertise, each of whom will run an equal part of the fund.
Although the fund managers are being kept anonymous until final authorisation is received, they are being drawn from a variety of sources, including Premier and Mackenzie Financial, the Canadian company which has a stake in Premier and whose Universal Select Managers fund provided the inspiration for the new product.
Douglas Adams, international sales director for Premier, said: "We believe in open architecture - not all fund managers have the answer.
Premier will run its fund based to a certain extent on the Mackenzie model. The Mackenzie Universal Select Managers fund uses five investment management teams. A portfolio of around 50 stocks is drawn from these teams, with each donating 10.
Premier's fund will be run in a similar way. Every quarter, the assets of the fund will be balanced out between the fund managers. There will be no significant weighting towards any one manager, irrespective of performance.
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