Fidelity International has revealed the line-up for its multi-manager distribution fund, a new vehicle that targets legacy money from with-profits by investing in UK equity income, fixed income and global property securities funds.
The equity income and bond portions will each comprise 40% of the fund. The former portion consists of Artemis Income, Neptune Income, JO Hambro Equity Income and the Standard Life UK Equity High Income Institutional fund, while the fixed income list consists of the ECM Danube Fil Institutional, GS Libor Plus II, Cazenove Strategic Bond and Pall Mall High Yield Europe Plus funds.
The only Fidelity fund making it onto the list is the Global Property vehicle, which makes up one-third of the total portfolio's 20% exposure to property. Also included here are Henderson HF Pan-European Property Equities and Morgan Stanley Asia Property.
The initial charge is 3.5%, the annual management fee is 1% and there is a 2% ceiling on total annual expenses.
The fund, which is eligible for inclusion in Isas and self-invested personal pensions, will be available on the FundsNetwork Onshore Investment Bond later this year. Minimum contributions start at £50 per month.
Meanwhile, Fidelity Global Special Situations, formed after the division of the group's £6bn Special Situations fund, has opened to new business under the supervision of Anthony Bolton.
Bolton will work closely with Jorma Korhonen for the remainder of the year, before Korhonen takes over sole management of the fund.
Aimed at the more adventurous investor, Global Special Situations has licence to go anywhere in the world to find investment opportunities.
The minimum investment level is £1,000 for a lump sum and £50 for monthly savings plans. The initial charge is 3.5% and the annual management charge is 1.5%.
Fidelity has also bolstered its UK-distributed multi-manager range with the launch of three multi-asset portfolios and nine single-strategy funds. With the aim of building its global multi-manager business by offering a range of investment strategies to both retail and institutional clients, the 12 funds are Luxembourg-domiciled vehicles that specifically target investors across Europe.
While three of the offerings are designed to be core holdings and consist of diversified and balanced products, the remaining nine have more specialist objectives, such as a group of high-alpha equity products as well as two sector and two emerging market portfolios.
The specialist funds have a 5.25% initial charge, while the core multi-manager vehicles are set at 3.5%. Initial commission is 3%, while minimum investment is £2,500 for lump sums and £1,000 for top-ups.
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