Friends Ivory & Sime (FIS) will rebrand itself Isis and launch an Oeic with four sub-funds in Septem...
Friends Ivory & Sime (FIS) will rebrand itself Isis and launch an Oeic with four sub-funds in September as part of its expansion into the retail market following its acquisition of the retail business of Friends Provident, writes Adam Lewis.
Isis is to offer an Aim Growth fund, to be run by Bill Brown, a UK Smaller Markets fund, managed by Nicholas Malins-Smith, a UK Dynamic fund, which will be run by Rodger McNair and Richard Bell. Later in the year it will launch a fund investing in zeros.
The Aim Growth portfolio will be run similarly to the Aim investment trust, for which the goal is to provide long-term capital growth by investing in a portfolio of Aim Companies. However, the retail fund will have slightly more of a technology bias to differentiate it from the investment trust.
On Brown's team will be Robert Mitchell, who also works on the investment trust, Robert Rasbach and Stuart Rollason.
Rasbach used to work as a technology analyst at the Japanese investment bank Nomura and Rollason, also formerly at Nomura, was a biotech and healthcare analyst.
The UK Smaller Markets fund will be a retail-based version of FIS's mid-small cap institutional fund, which Malins-Smith runs with a growth philosophy and a diversified portfolio of around 200 stocks. However, it is expected that the retail fund will be more aggressively managed, with a portfolio of 40-60 stocks.
The UK Dynamic fund, also likely to run between 35-50 holdings, will target absolute rather than relative returns and, as such, will use no benchmark.
At the end of September, the UK Progressive fund, investing in zero dividend preference shares, will be launched. Dent, the fund manager, currently runs the Friends Provident trust of investment trusts and manages £600m in investment trust portfolios. He is also a member of FIS's asset allocation committee.
In May, when Investment Week first reported FIS was planning this Oeic range, David Norman, head of retail and group marketing, said the Oeic would have the capability to go into more specialist areas.
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