Unicorn Asset Management is to launch an Oeic with two sub-funds in the run up to Christmas, a FTSE ...
Unicorn Asset Management is to launch an Oeic with two sub-funds in the run up to Christmas, a FTSE All-Share actively managed fund and a fund of investment trusts.
Free Spirit, a portfolio benchmarked against the FTSE All Share, is to be managed by Paul Harwood, who joined Unicorn Asset Management from Merrill Lynch last year, while the fund of investment trusts, MasterTrust, is to be managed by Peter Walls, a director at the group.
Free Spirit will invest across most of the market cap range of the UK market. Walls added: 'There will be an emphasis on smaller companies with some exposure to recovery situations. Harwood has a lot of experience on the markets and in investing in recovery situations.'
The fund of investment trusts will invest in international investment trusts and will launch alongside Free Spirit. Walls said: 'I have always felt that the best fund managers are within investment trusts. To a large degree the quality of the fund manager will determine the spread of the portfolio.'
The Unicorn investment team includes Peter Webb, the chief executive and manager of Eaglet investment trust. Webb founded Unicorn Asset Management 18 months ago. Harwood, who used to run Mercury Recovery, John McCLure, Sean Perry and Peter Walls, who used to work with Webb on Eaglet, are also part of the investment team.
The group is currently raising money for the Unicorn Aim VCT, which will be able to invest up to 15% of money raised into the Oeic during the three years before it has to be 75% invested in qualifying venture capital companies. The idea is not to be too quick to market the Oeic, Walls said. 'It is our first Oeic structure and we want to be sure that the administration is up and running smoothly before we market it strongly to the intermediary market.'
He added that they have no specific size requirements for the funds other than to ensure critical mass. He said: 'We are not concentrating on just doing a whole load of fundraising really quickly and want to ensure the funds are manageable and planned properly.'
The group is in the process of working out the finer details of the launch, such as the charging and commission structure.
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
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